Asked by Deledai Johnson on Jul 12, 2024
Verified
An individual's value for a good or service is the
A) The amount of money he or she used to pay for a good
B) The amount of money he or she is willing to pay for it
C) The amount of money he or she has to spend on goods
D) None of the above
Individual's Value
The worth or significance of a person, often considered in terms of their qualities, actions, and contributions to society.
Willing
Displaying a readiness or preference towards a particular action or decision.
- Master the understanding of the settings wherein transactions lead to the creation of wealth or surplus.
Verified Answer
AC
Aditya ChauhanJul 18, 2024
Final Answer :
B
Explanation :
An individual's value for a good or service is determined by how much they are willing to pay for it. This is known as their willingness to pay, which reflects the maximum amount of money they would be willing to give up in order to obtain the good or service.
Learning Objectives
- Master the understanding of the settings wherein transactions lead to the creation of wealth or surplus.