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When a buyer's willingness to pay for a good is equal to the price of the good, the
A) buyer's consumer surplus for that good is maximized.
B) buyer will buy as much of the good as the buyer's budget allows.
C) price of the good exceeds the value that the buyer places on the good.
D) the buyer is indifferent between buying the good and not buying it.
When a buyer's willingness to pay for a good is equal to the price of the good, the
A) buyer's consumer surplus for that good is maximized.
B) buyer will buy as much of the good as the buyer's budget allows.
C) price of the good exceeds the value that the buyer places on the good.
D) the buyer is indifferent between buying the good and not buying it.
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2 Jun 2021
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Willingness to pay:
| is the lowest price that a buyer is willing and able to pay for a unit of a good. |
| is the highest price that a buyer is willing and able to pay for a unit of a good. |
| is equal to the price of the highest-priced goods in a consumption bundle. |
| is equal to the price of the lowest-priced goods in a consumption bundle. |
