Better Information About Consumers' Reservation Prices Generally Leads To

question 64

Multiple Choice

Better information about consumers' reservation prices generally leads to:

• A)a reduction in consumer surplus.
• B)acquisition of goods by consumers who are willing to pay the highest price.
• C)equitable distribution of goods among low income consumers.
• D)acquisition of goods by consumers with the greatest need.

---

Definitions:

Reasonable Notice

A requirement for the provision of timely and clear information to all parties involved in a legal agreement or procedure.

Written Notice

A formal, documented communication required in many legal situations to officially inform a party of certain actions or intentions.

Oral Notice

Notification or communication of information conveyed through spoken words rather than written form.

Commercial Illegality

The state of being contrary to the laws governing commerce and business practices.