The Maximum Price a Consumer Is Willing to Pay for a Good

question 37

Multiple Choice

The maximum price a consumer is willing to pay for a good is the

• A)consumer surplus.
• B)value of the good.
• C)opportunity cost of producing the good.
• D)minimum supply-price.
• E)marginal cost of the good.

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Definitions:

Thalamus

An area near the center of the brain involved in the relay of sensory information to the cortex and in the functions of sleep and attention.

Limbic System

A complex system of nerves and networks in the brain, involved with instinct and mood. It controls the basic emotions (fear, pleasure, anger) and drives (hunger, sex, dominance, care of offspring).

Memory Processes

The mental functions involved in acquiring, storing, and retrieving information.

Encoded

The conversion of information into a specific format for efficient processing, storage, or transmission.