Examlex
What is the purpose of directional and sectional terms?
Priced At
The specified cost at which a good or service is offered for sale in the market.
Surplus
The amount by which the quantity supplied of a product exceeds the quantity demanded at a specific (above-equilibrium) price.
Consumer Surplus
The gap between what consumers are prepared and capable of paying for a product or service and the actual amount they end up paying.
Willing to Pay
The maximum amount a consumer is prepared to spend to purchase a good or service.
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