An individual's valuation of a good or service is known as willingness-to-pay.

Name: An individual's valuation of a good or service is known as willingness-to-pay.
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Quizplus · Accepted Answer

This is true. Willingness-to-pay is the maximum amount of money that an individual is willing to give up in order to receive a good or service. It reflects the subjective value or utility that the individual places on that particular good or service.

An Individual's Valuation of a Good or Service Is Known