Examlex
When Grace looked at the container of Round-Up weed and grass killer, she saw a notice that read, "Avoid contact with eyes. This product can cause eye irritation." Which term best describes this label information?
Willingness to Pay
The maximum amount an individual is prepared to spend for a particular good or service.
Consumer Surplus
The gap between the aggregate amount that buyers are willing and able to allocate for a good or service and the total sum they really pay.
Consumer Surplus
The variance between consumers' potential payment for a good or service and their actual expenditure.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating sensitivity to price changes.
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