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What is the definition of willingness to pay?Whatis the definition of willingness to accept?If the price of chocolate eclairs is $3, and Joe chooses to

What is the definition of "willingness to pay?"Whatis the definition of "willingness to accept?"If the price of chocolate eclairs is $3, and Joe chooses to buy four eclairs a week, is his expenditure of $12 on chocolate eclairs the same as his "willingness to pay"? If not, what is the difference?

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