Question

In the game of economics, producers get information they need to determine how much people are willing to pay for a good or service from which of the following?

Answer 1

Answer:

The correct answer would be option D, Consumers.

In the game of economics, producers get information they need to determine how much people are willing to pay for a good or service from Consumers.

Explanation:

In the game of economics, consumers are the ones who will consume the products produced by the companies/producers, and they are the ones who will determine how much they are wiling to pay for a good or service.

For example, if a product's price is set at 5 dollars but no one is willing to pay 5 dollars for that product, then producers have to lower the prices to meet the customers' demands, and to sell their products.

So in this way, customers determine the prices of the products.

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Answer 2

Please see other part of the questions below :

(A) Other producers (B) Distributors (C) Economists (D) Consumers

Answer:

(D) Consumers

Explanation:

Using a market-driven pricing approach, consumers are in the position  of determining the price of a product based on their expectation of value to be derived.

Except for a monopolistic market where the seller has power to influence the market price, the prices of the products in an open market are determined by the perception of the  consumers. Hence, producers must be outward looking before fixing prices for their products and services.