Examlex
In order for a test to be ______it must first be ____________.
Willingness to Pay
The maximum amount an individual is prepared to spend for a particular good or service.
Consumer Surplus
The gap between the aggregate amount that buyers are willing and able to allocate for a good or service and the total sum they really pay.
Consumer Surplus
The variance between consumers' potential payment for a good or service and their actual expenditure.
Price Elasticity
A measure of how much the quantity demanded of a good responds to a change in the price of that good, indicating sensitivity to price changes.
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