Examlex
Who described class as "script, map, and guide"?
Price
The financial sum necessary for acquiring a good or service.
Willingness to Pay
The utmost expenditure an individual is comfortable making on a good or service, demonstrating the value they attribute to it.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, indicating economic welfare.
Market Price
The present cost at which a good or service can be purchased or sold within a competitive market.
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