The Maximum Price That a Buyer Would Be Willing to Pay

question 124

Multiple Choice

The maximum price that a buyer would be willing to pay for a good or service is also called:

• A) the reservation price.
• B) the buyer-max price.
• C) the reserved max price.
• D) the opportunity cost.

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Definitions:

Proton

Principal particle of an atomic nucleus with a positive charge.

Neutron

A subatomic particle that contributes mass to a nucleus and is electrically neutral.

Electron

A stable, subatomic particle with a negative charge.

Earth's Crust

The outermost layer of the Earth, consisting of solid rocks and minerals, divided into the oceanic and continental crusts.