Consumer's surplus/Definition: Difference between revisions
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The excess of the amount that a consumer would be willing to pay for a product over its market price | The excess of the amount that a consumer would be willing to pay for a product over its market price, the value of which is usually estimated according to the [[rule of one-half]]. | ||
Revision as of 03:46, 27 June 2010
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Consumer's surplus [r]: The excess of the amount that a consumer would be willing to pay for a product over its market price, the value of which is usually estimated according to the rule of one-half.