A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay.
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Q7: All else equal, an increase in demand
Q8: Consumer surplus measures the benefit to buyers
Q9: All else equal, an increase in supply
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Q14: The willingness to pay is the maximum
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Q17: Suppose there is an increase in supply
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