A maximum amount that people have in mind while bidding in an auction is called
A)a resistance price.
B)equilibrium.
C)consumer surplus.
D)willingness to pay.

Question

Quizplus · Accepted Answer

The maximum amount that people have in mind while bidding in an auction is referred to as their "willingness to pay." This represents the highest price at which a consumer is willing to purchase a good or service.

A Maximum Amount That People Have in Mind While Bidding