A Consumer's Willingness to Pay

question 112

Multiple Choice

A consumer's willingness to pay:

• A) is the maximum price that a buyer would be willing to pay for a good or service.
• B) is the minimum price that a buyer would be willing to pay for a good or service.
• C) is his or her reserved minimum bid-price.
• D) must always equal the seller's willingness to sell.

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Definitions:

Trimester

One of the three roughly equal periods into which a pregnancy is divided, each lasting about three months.

Brain Structures

The various parts of the brain, each responsible for different functions, such as the cerebrum for thought and action, the cerebellum for movement, and the limbic system for emotions.

Lateral Hypothalamus

An area of the brain thought to control hunger and thirst; destruction of this area can cause an animal to refuse food and water.

Aphagic

The inability to swallow, which can be due to various neurological or physical disorders.