Economists state that the __________ utility a person receives from a unit of a good,the __________ the price he or she is willing to pay for it.
A) more; lower
B) more; higher
C) less; higher
D) less; lower
E) b and d

Question

Quizplus · Accepted Answer

Economists argue that the more utility a person receives from a unit of a good, the higher the price they are willing to pay for it, and conversely, the less utility received, the lower the price they are willing to pay. This is why both B and D are correct.

Economists State That the __________ Utility a Person Receives from a Unit