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Which of the following is true about valence, according to the expectancy theory?
Demand Curve
An image that graphically shows the relationship between an item's selling price and the quantities that consumers are interested in buying.
Consumer Surplus
The economic benefit consumers receive when they pay less for a product or service than what they were willing to pay.
Total Surplus
The total societal benefits from trading a good or service, encapsulated by the combination of consumer surplus and producer surplus in a market.
Average Total Cost
The total cost divided by the quantity produced, denoting the cost per unit of production.
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