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Willingness to Pay
The maximum price at which a consumer will buy a good or service.
Basketball Sneakers
Athletic shoes designed specifically for playing basketball, offering features such as enhanced grip, ankle support, and shock absorption.
Consumer Surplus
The difference between the maximum price consumers are willing to pay and the actual price they do pay.
Lois's Consumer Surplus
Generally refers to a consumer surplus but appears to erroneously attribute it to an individual named Lois; consumer surplus is the difference between what consumers are willing to pay for a good or service versus what they actually pay.
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