What Do Economists Call the Highest Amount a Consumer Will

question 119

Short Answer

What do economists call the highest amount a consumer will pay to purchase a good?

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Definitions:

Valid Means

Pertains to methods or actions that are legally sound and effective.

Acceptance

In contract law, an agreement to the terms of an offer, which creates a binding contract.

Bilateral

Pertains to agreements or contracts involving two parties where each side is obligated to fulfill certain duties.

Unilateral

An action or agreement in which only one party makes a promise or fulfills a requirement, without requiring a reciprocal action.