Microeconomics Ch 7
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The study of how the allocation of resources affects economic well-being
Willingness to pay
The maximum amount that a buyer will pay for a good
The amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.
The value ofeverything a seller must give up to produce a good.
The amount a seller is paid for a good minus the seller's cost of providing it.
The property of a resource allocation of maximizing the total surplus recieved by all members of society.
The property of distributing economic prosperity uniformly among the members fo society.
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