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What is a buyer's willingness to pay?

What is a buyer's willingness to pay?

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A. That buyer's consumer surplus
B. That buyer's producer surplus
C. That buyer's maximum amount he is willing to pay for a good
D. That buyer's minimum amount he is willing to pay for a good
E. None of the above

This question is part of Microeconomics [Ch.
Asked by Emy_, Last updated: Sep 16, 2018

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3 Answers

N. Kingsley

N. KingsleyWriter, Columbus
Writer, Columbus

Answered on Jul 11, 2018

A buyer would be willing to pay is measured in the maximum’s amount he is willing to pay for a good. Usually, products tend to be more expensive if high-quality materials were used just to make that product. It is not hard to see if a shirt that has a higher price is made of cotton or not. Buyers will not sacrifice their comfort over buying a cheaper shirt that is itchy to the skin.

The use of high technology also adds up to the cost. If you, as a buyer, will be purchasing a smartphone that has good battery life, faster Internet, and large memory that will suit your needs even though it will cost you an arm and a leg, you would be more than willing to buy it.

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C. Kenway

C. KenwayContent Writer, Jacksonville
Content Writer, Jacksonville

Answered on Jun 27, 2018

A buyer’s willingness to pay should be measured by how much the person is willing to pay to get the goods or acquire the services that the company is offering. The answer to this question is C. The buyer is willing to purchase the item or service for the maximum amount that he can provide.

This means that he likes it so much that he will pay for it even though he know that it is more expensive than usual. Take note that aside from how much people want products, they may also decide if they would want the items based on the quality of the items that they want to acquire. Better-quality items will always be appreciated better.

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John Smith

John Smith

Answered on Feb 27, 2017

That buyer s maximum amount he is willing to pay for a good
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