A consumer's willingness to pay:
A. is the maximum price that a buyer would be willing to pay for a good or service.
B. is the minimum price that a buyer would be willing to pay for a good or service.
C. is his or her reserved minimum bid-price.
D. must always equal the seller's willingness to sell.
A. is the maximum price that a buyer would be willing to pay for a good or service.
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The total revenue graph consistent with Table 8.1 is
A) linear and upward-sloping. B) linear and horizontal. C) linear and vertical. D) linear and downward-sloping. E) concave downwards.
In order to make an optimal choice we must use
a. percentage analysis. b. total analysis. c. average analysis. d. marginal analysis.
Government budget
What will be an ideal response?
Marginal land is land
A. that is unprofitable under any circumstances. B. that is the most productive in the area. C. that is on the borderline of profitability. D. of average productivity.