A consumer's willingness to pay:
A. is the maximum price that a buyer would be willing to pay for a good or service.
B. is the minimum price that a buyer would be willing to pay for a good or service.
C. is his or her reserved minimum bid-price.
D. must always equal the seller's willingness to sell.
A. is the maximum price that a buyer would be willing to pay for a good or service.
Economics
You might also like to view...
Explain the difference between partial equilibrium analysis and general equilibrium analysis
What will be an ideal response?
Economics
If the marginal rate of technical substitution for a cost minimizing firm is 10, and the wage rate for labor is $5, what is the rental rate for capital?
A) $0.5 B) $1 C) $2 D) $10
Economics