Question

llingness to pay depends on their income and prices of related goods.Type the correct answer in the box. Spell all words correctly. On what does consumer's willingness to pay depends? Consumers' willingness to pay depends on their income and prices of related goods.

Answer 1

Answer:

The willingness of a consumer to pay depends on the

• preference of customers
• income
• price of related goods

Explanation:

A consumer will be more willing to pay for a product which he prefers. His preference might be any brand or any authentic ability that must be present in the product.

The income of the consumers also depicts the willingness for a consumer to pay for a product. While buying anything, consumers do have to look for the planned budget for the product as he cannot buy anything beyond his resources.

While buying a product, the consumer might also look for the prices of the related products in the market and choose the product which is reliable for him.