Total Willingness to Pay ____________

question 3

Multiple Choice

Total willingness to pay ____________.

• A) is the consumer's additional willingness to pay for one more unit of the good
• B) is the consumer's additional ability to pay for one more unit of the good
• C) is the consumer's ability to pay for consumption of all units of the good
• D) is the consumer's willingness to pay for consumption of all units of the good

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Definitions:

Power, Legitimacy, Urgency

A model used to prioritize stakeholders based on their possession of power, legitimacy in their relationship with the organization, and the urgency of their claims.

Discretionary Stakeholders

Stakeholders who do not have a direct stake in the business or project but may be affected or can influence it voluntarily.

Legitimacy

The perception or recognition by stakeholders that actions, decisions, or leadership are appropriate, proper, and justified within a socially constructed system of norms, values, beliefs, and definitions.

Dependent Stakeholders

Individuals or groups who rely on a business's success or failure for their own benefit but don't have direct control over its operations.