A consumer's willingness to pay:
A) is the maximum price that the consumer would be willing to pay for a good or service.
B) is the minimum price that the consumer would be willing to pay for a good or service.
C) is known as the consumer's reserved minimum bid-price.
D) must always equal a seller's willingness to sell.

Question

Quizplus · Accepted Answer

A consumer's willingness to pay is the maximum price they are willing to pay for a good or service. It is the highest price the consumer values the product at and is willing to pay to acquire it.

A Consumer's Willingness to Pay