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Producer Surplus
The difference between the amount producers are willing to accept for a good or service and the actual amount they receive, due to market price.
Firm's Willingness
A company's propensity to engage in certain actions based on its economic interests and goals.
Consumer Surplus
The discrepancy between what consumers are prepared and capable of paying for a product or service and the actual amount they end up spending.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service, reflecting the value they place on it.
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