Examlex
Price elasticity of demand measures how changes in a price affect the quantity of the product demanded.
Equilibrium Price
Equilibrium price is the market price where the quantity of goods supplied is equal to the quantity of goods demanded.
Willingness to Pay
The maximum amount an individual is prepared to spend on a good or service.
Pumpkin Market
A theoretical or real market where pumpkins are bought and sold, often used to illustrate principles of supply and demand or seasonal markets.
Consumer Surplus
The gap between what consumers are ready to pay in total and what they end up actually paying.
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