A curve that represents the consumer's "willingness to pay" is the consumer's:
A)exchange curve
B)demand curve
C)supply curve
D)None of the above

Question

Quizplus · Accepted Answer

The demand curve represents the quantity of a good or service that consumers are willing to buy at different price points, and therefore reflects their willingness to pay. The exchange curve and supply curve are not directly related to the concept of willingness to pay. The demand curve represents the quantity of a product that consumers are willing and able to purchase at different prices. It reflects the consumer's willingness to pay for a particular product at various price points. Therefore, the correct answer is B, the demand curve.

A Curve That Represents the Consumer's "Willingness to Pay" Is