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Responsiveness of Quantity
The degree to which the quantity demanded or supplied responds to changes in price, income, or other factors.
Responsiveness of Price
The degree to which the demand or supply of a product changes in response to a change in price.
Consumer Surplus
The difference between what consumers are willing to pay for a good or service and what they actually pay, representing the extra satisfaction or utility gained.
Market Price
is the current price at which a product, security, or commodity can be bought or sold in a marketplace.
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