Omega,Inc.sells its fitness wrist band for $100.It cost the company $62 to make the product.While Tom values the Omega wrist band at $122,his friend Dan values it at $105.The value placed by Tom and Dan are what economists would call
A) producer's surplus.
B) each customer's reservation price.
C) each customer's value price.
D) the efficiency frontier.
E) competitive advantage.
Correct Answer:
Verified
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