If You Pay a Price Exactly Equal to Your Willingness

question 108

Multiple Choice

If you pay a price exactly equal to your willingness to pay, then:

• A)your willingness to pay is less than your consumer surplus
• B).your consumer surplus is negative
• C)you have no consumer surplus
• D)you place little value on the good

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Definitions:

Garcia Effect

A phenomenon in which an aversion or distaste for a particular taste or smell is acquired after sickness or nausea is associated with that specific taste or smell.

Conditioned Aversions

A learned aversion to a substance or activity after it has been associated with an unpleasant or harmful stimulus.

Livestock

Domesticated animals raised in an agricultural setting to produce commodities such as meat, milk, and wool.

Predators

Organisms that hunt and kill other organisms for food.