Your willingness to pay additional money for time-saving goods depends primarily on
A)the opportunity cost of your time
B)your wealth and property
C)your social status
D)the number of people in your household
E)the distance between your home and your workplace

Question

Quizplus · Accepted Answer

Your willingness to pay for time-saving goods will depend primarily on the opportunity cost of your time. This means that individuals are willing to pay more for time-saving goods if the value of their time is high, such as for busy professionals or high earners who could earn more money in the time saved by using a time-saving good. Wealth and social status may play a role in willingness to pay, but the opportunity cost of time is the primary driver. The number of people in your household and the distance between your home and workplace are not directly related to willingness to pay for time-saving goods.

Your Willingness to Pay Additional Money for Time-Saving Goods Depends