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Vlad1618 [11]
3 years ago
11

Willingness to pay

Business
1 answer:
alex41 [277]3 years ago
4 0

Answer:

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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