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How does marginal impact consumers' choices?
It increases their willingness to pay for one more unit of a good.
How does marginal benefit impact consumers choices?
It increases their willingness to pay for one more unit of a good.
How are goods and services distributed in market economy?
To consumers based on the basis of their ability and willingness to pay the existing market price
The general willingness of consumers to purchase a product at various prices is .?
Demand is the general willingness of consumers to purchase a product at various prices.
What economic term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
What economic term means willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the willingness of consumers to purchase a specific amount of a product at different prices.
Who influences the decision of what to produce because of their willingness to buy?
consumers
Which term means the willingness of consumers to purchase a specific amount of a product at different prices?
Demand is the economic term meaning the willingness of consumers to purchase a specific amount of a product at different prices.
Melissa buys an iPod for 100 and gets consumer surplus of 80 what is her willingness to pay?
As she has bought the item her willingness to pay is 100%
What does WTP stand for in economics?
Willingness To Pay, commonly studied alongside WTA (Willingness to Accept)
Melissa buys an ipod for 120 and gets consumer surplus of 80 what is her willingness to pay?
Her willingness to pay for the ipod would be $200. ($120 + $80)
Consumers' willingness to replace a costly item with a less costly item is an example of what?
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