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6 December, 18:32

Willingness to pay

a. measures the value that a buyer places on a good.

b. is the amount a seller actually receives for a good minus the minimum amount the seller is willing to accept.

c. is the maximum amount a buyer is willing to pay minus the minimum amount a seller is willing to accept.

d. is the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it.

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  1. 6 December, 21:25
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    The correct answer is option a.

    Explanation:

    The willingness to pay for a product can be defined as the maximum amount an individual is willing to procure or obtain a product. The price of a product lies between a consumer's willingness to pay and a seller's willingness to accept.

    The willingness to accept is the minimum amount a seller is willing to accept to let go of a product. Willingness to pay indicates how valuable good is for the buyer.
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