A Buyer Is Willing to Buy a Product at a Price

question 111

True/False

A buyer is willing to buy a product at a price greater than or equal to his willingness to pay, but would refuse to buy a product at a price less than his willingness to pay.

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Definitions:

Output

Output usually refers to the total amount of goods and services produced by a company, industry, or economy within a specific period.

Total Revenue

The full amount of income generated by the sale of goods or services by a company before any costs or expenses are subtracted.

ATC

Average Total Cost, which is calculated by dividing the total cost of production by the quantity of output produced. It includes both fixed and variable costs.

MC

Marginal Cost, which refers to the increase or decrease in the total cost of production when the output is adjusted by one additional unit.