Creditors Are

question 33

Multiple Choice

Creditors are:

• A)people or organizations who owe money to a business.
• B)people or organizations to whom a business owes money.
• C)shareholders of a business.
• D)customers of a business.

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Definitions:

Willingness to Pay

The maximum amount an individual is prepared to spend on a good or service, reflecting the value they attribute to it.

Market Demand Curve

A graphical representation showing the relationship between the price of a product and the quantity of the product that consumers are willing and able to purchase at various prices.

Public Good

A provision of goods or services to everyone in society for free, by either governmental bodies or private entities, with no profit motive.

Private Goods

Goods that are excludable and rivalrous in consumption, meaning their use by one person diminishes availability for others and access can be restricted.