At any given quantity, the willingness to pay in the market for automobile fuel is reflected in the:
A)value to the consumer of the last unit of automobile fuel bought
B)height of the supply curve at each quantity
C)value to the producer of the last unit of automobile fuel sold
D)total quantity of automobile fuel exchanged in the market

Question

Quizplus · Accepted Answer

The willingness to pay of consumers is reflected in the value they attach to the last unit of the product they buy. In this case, the value that consumers place on the last unit of automobile fuel they buy is a reflection of their willingness to pay for that unit. Therefore, choice A is the correct answer. The other choices are not directly related to the willingness to pay of consumers in the market for automobile fuel.

At Any Given Quantity, the Willingness to Pay in the Market