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When Indians revolted against colonial authorities at the beginning of World War II, the British government
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service, reflecting the value they assign to it.
Consumer Surplus
The gap between the sum consumers are ready and able to spend on a good or service and what they really pay for it.
Normal Goods
Goods for which demand increases as consumer income rises.
Decrease in Income
A reduction in the amount of money received by an individual or entity, typically measured over a particular period of time.
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