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Micro: Chapter 4

Test 1

TermDefinition
willingness to pay max. price at which someone is still willing to buy a good; $ ≤ WTP (buy) $ > WTP (don't buy)
From WTP to the demand schedule... at any given price, how many people want to buy the good?
(individual) consumer surplus the net gain to an individual buyer from the purchase of a good CS = WTP - $ we assume consumers buy the transaction if CS ≥ 0
Created by: nicook
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