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the study of how the allocation of resources affects economic well-being
willingness to pay
the maximum amount a buyer is willing to pay for a good
a buyer's willingness to pay minus the amount the buyer actually pays
the buyer who would leave the market first if the price were to rise
the value of everything a seller must give up to produce a good
the amount a seller is paid minus the seller's cost
the seller who would leave the market first if the price were to drop
the sum of consumer and producer surplus
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