Willingness to Pay Represents

question 60

Multiple Choice

Willingness to pay represents:

• A)the point at which the benefit that a person will get from a good is equal to the benefit of spending the money on another alternative.
• B)the opportunity cost of a good.
• C)the buyer's reservation price.
• D)All of these represent willingness to pay.

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Definitions:

Artifacts

Objects created by humans that are typically of cultural or historical interest.

Adhocracy

Emphasizes shared, decentralized decision making; extreme horizontal specialization; few levels of management; the virtual absence of formal controls; and few rules, policies, and procedures.

General Environment

Is the set of cultural, economic, legal–political, and educational conditions found in the areas in which the organization operates.

Specific Environment

The set of owners, suppliers, distributors, government agencies, and competitors with which an organization must interact to grow and survive.