Suppose you are willing to pay up to $500 to fly to San Diego for Spring Break. You search online and find a ticket for $400. The difference of $100 is:

Question

Suppose you are willing to pay up to $500 to fly to San Diego for Spring Break. You search online and find a ticket for $400. The difference of $100 is:
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Solution 1

The difference of $100 is referred to as consumer surplus. This is an economic term that describes the difference between what a consumer is willing to pay for a good or service and the actual price they pay. In this case, you were willing to pay up to $500 for a ticket, but you found one for $400. Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study prob

Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solve study problem.
Knowee AI StudyGPT is a powerful AI-powered study tool designed to help you to solv

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