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Nilanjan Bhowmick AIR 3, CSIR NET (Earth Science)
Eduncle Best Answer
A consumer’s willingness to pay for a good is the maximum price at which he or she would buy that good. Individual consumer surplus is the net gain to an individual buyer from the purchase of a good. It is equal to the difference between the buyer’s willingness to pay and the price paid. More is the difference between WTP and WTS more is the firm’s competitive advantage.