Examlex
The main difference between descriptive and substantive representation has to do with whether the legislator represents constituents from a distance or acts as if the legislator has a mandate to do exactly what she or he wants.
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.
Consumer Surplus
The discrepancy in the total charges consumers are prepared and economically able to bear for a good or service, and the charges they actually bear.
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