Examlex
What is the name given to the group of political journalists who monitor government business and who personally observe proceedings in the legislature?
Maximum Willingness to Pay
The highest amount a consumer is willing to spend on a good or service, reflecting the perceived value.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay.
Rational
Related to decision-making, denotes behavior in accordance with logic or reason, where choices are made to maximize self-interest or outcome.
Inelastic
Characterizing a situation where a change in price leads to a relatively small change in the quantity demanded or supplied.
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