Asked by Jerry Simmons on Apr 27, 2024
Verified
At any given quantity, the willingness to pay of the marginal buyer is the height of the __________.
Marginal Buyer
The consumer who might leave the market if the price was any higher, indicating their participation is sensitive to price changes.
Willingness To Pay
The greatest sum a consumer is ready to spend for a good or service, showcasing the importance they assign to it.
- Understand the concept of externalities and how they affect social costs and benefits.
Verified Answer
KC
Learning Objectives
- Understand the concept of externalities and how they affect social costs and benefits.