A consumer's willingness to pay reflects the:
A)maximum price at which he or she would buy a given good or service.
B)minimum price at which he or she would buy a given good or service.
C)cost of producing a given good or service.
D)equilibrium price of a given good or service.

Question

Quizplus · Accepted Answer

A consumer's willingness to pay reflects the maximum price at which he or she would buy a given good or service. This means that it is the highest amount the consumer is willing and able to pay for a product or service, based on their perceived value and budget constraints.

A Consumer's Willingness to Pay Reflects The