Respuesta :
Another name for a consumer’s willingness to pay is the reservation price (option C).
What is the reservation price?
Reservation price is the highest amount of money that the consumer of a good would be willing to pay for a good or service. The reservation price is a function of the utility the consumer derives from the good. The higher the utility a consumer derives from the good, the higher the reservation price.
Once the price of a good is below the reservation price, the consumer would purchase the good. Once the reservation price is exceeded the consumer would not purchase the good. Reservation price varies with consumers.
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