In a market system,which of the following factors determines a consumers's ability to pay for a good or service?
A)Technology
B)Consumer's income
C)Cost of production
D)Consumer's wants
E)Market supply

Question

Quizplus · Accepted Answer

A consumer's ability to pay for a good or service is determined by their income. If a consumer's income increases, their ability to pay for goods and services also increases. If their income decreases, their ability to pay decreases as well. Other factors like technology, cost of production, consumer wants, and market supply may affect the price and availability of a good or service, but they do not directly determine a consumer's ability to pay.

In a Market System,which of the Following Factors Determines a Consumers's