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Figure 1.2
Using the figure above, identify the labeled part.
-Label H: ______________________________
Willingness to Pay
The maximum amount an individual or entity is prepared to pay for a good or service, reflecting the value they place on it.
Proportional
A relationship between two quantities where they increase or decrease at the same rate.
Network Externalities
The effect that an additional user of a good or service has on the value of that product to others, often positive in the case of products that become more valuable as more people use them.
Significant
Importance in a statistical or substantive sense, often used to describe findings that are not likely to be due to chance.
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