Asked by Oscar Zamora on Jul 12, 2024
Verified
A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay.
Willingness To Pay
The maximum amount an individual is prepared to spend to procure a good or service, reflecting the value they place on it.
- Understand thoroughly the idea of willingness to pay, concrete payment, and the assessment of surplus.
Verified Answer
AC
Anthony CsargoJul 15, 2024
Final Answer :
False
Explanation :
A buyer is willing to buy a product at a price less than or equal to his willingness to pay, but would refuse to buy a product at a price greater than his willingness to pay.
Learning Objectives
- Understand thoroughly the idea of willingness to pay, concrete payment, and the assessment of surplus.