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As a train starts from rest and then accelerates down the track,coming toward me faster and faster,the speed of the sound waves coming toward me will be
Willingness To Pay
The maximum amount an individual is prepared to spend to procure a good or service or to avoid something undesirable.
Consumer Surplus
The split between the total amount consumers are prepared to spend on a good or service and the actual amount they spend.
Demand Curve
A diagram that displays the connection between the cost of a commodity and the level of demand for it within a set timeframe.
Producer Surplus
The difference between what producers are willing to accept for a good or service versus what they actually receive, measured above the supply curve to the equilibrium price.
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