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    Consumer surplus, marginal utility, and market demand

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    Define consumer surplus. Explain relationship between consumer surplus, marginal utility, and market demand.

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    Consumer surplus is the difference between what consumers pay and what they would have been willing to pay. When consumers purchase goods for less than they are "worth" to the consumer, they have a surplus. The surplus is essentially a monetary measurement of utility. ...

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    The relationship between consumer surplus, marginal utility, and market demand.

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