The Maximum Price a Buyer Is Willing to Pay for a Good

question 126

Multiple Choice

The maximum price a buyer is willing to pay for a good is called:​

• A)​cost.
• B)​willingness to pay.
• C)​equity.
• D)​efficiency.

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Definitions:

Zone of Proximal Development

A concept by Vygotsky describing the difference between what a learner can do without help and what they can achieve with guidance and encouragement.

Capability

The quality or state of being capable; having the ability, power, or qualities necessary to do something.

Biological Perspective

An approach in psychology that examines psychological phenomena in terms of biological processes and aspects.

Psychosexual Development

Freud’s view that as children develop, they find sexual gratification through stimulating different parts of their bodies.