Examlex
What is an error correction code (ECC)?
Consumer Surplus
The rift between what consumers are economically prepared to spend on a service or product and their actual spending.
Consumer Surplus
The divergence between the total consumers can and are willing to pay for a product or service and what they truly pay.
Binding Price Floor
A government-imposed minimum price set above the equilibrium price, resulting in a surplus by preventing the market price from falling to its natural level.
Willingness To Pay
The maximum amount an individual is prepared to spend to procure a good or service, reflecting the value they place on it.
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