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Fara wants to buy a new smartphone and is willing to pay $800 based on her preferences and budget. She finds the phone on sale
Fara wants to buy a new smartphone and is willing to pay $800 based on her preferences and budget. She finds the phone on sale for $600, and she decides to purchase it. What does the difference between Sarah's maximum willingness to pay and the actual market price represent in this case study? Question 17 options: Market equilibrium Consumer surplus Marginal utility Producer surplus
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