Examlex
Which statement is TRUE?
Increase Supply
An upward shift in the supply curve, indicating more of a good or service is available for sale at any given price, usually the result of factors like improved technology or decreased production costs.
Consumer Surplus
Consumer surplus is the difference between the total amount that consumers are willing to pay for a good or service and the total amount they actually pay.
Soybeans
Edible legumes native to East Asia, widely grown for their numerous uses, which include producing oil, as a source of protein, and in many food products.
Willingness To Pay
The maximum price a consumer is prepared to pay for a good.
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