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AP Econ Chapter 7 Consumer, Producer, and Effiiciency of Markets

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the study of how the allocation of resources affects economic well being
the maximum amount that a buyer will pay for a good
a buyer's willingness to pay minus the amount the buyer actually pays
the value of everything a seller must give up to produce a good
the amount a seller is paid for a good minus the seller's cost
the property of a resource allocation of maximizing the total surplus received by all members of society
the fairness of distribution of well-being among members of society
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