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

Question

Quizplus · Accepted Answer

A consumer's willingness to pay is the highest price they are willing to pay for a good or service, reflecting their valuation of the benefit they expect to receive from it.

A Consumer's Willingness to Pay Reflects