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A psychologist is developing a new test of reasoning.He notices that while individuals tend to score the same across multiple administrations of the test,there are particular test items that seem to give everyone trouble,irrespective of how well they score on the test overall.It seems that all the items that give individuals trouble use particularly advanced vocabulary words.Which of the following is NOT true?
Surplus
The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above-equilibrium) price.
Consumer Surplus
The gap between what consumers are prepared and capable of paying for a product or service and the actual amount they end up paying.
Willing to Pay
The maximum amount a consumer is prepared to spend to purchase a good or service.
Actual Price
The price at which goods or services are sold in the market, often influenced by supply and demand.
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