Whenever Consumers Are Willing to Pay More for an Item

question 63

True/False

Whenever consumers are willing to pay more for an item than it costs to produce it,it is efficient to expand output.

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Definitions:

Lose

To be deprived of or cease to have or retain something, often used in contexts of competition or misplacement.

Breakeven

The point at which total cost and total revenue are equal, meaning there is no net loss or gain.

High Value

Referring to items or services deemed of significant worth, usually due to their quality, utility, scarcity, or demand.

Low Value

Refers to items or services that are considered to be of lesser worth or importance, either monetarily or in terms of utility.