Marginal Willingness to Pay

question 97

Multiple Choice

Marginal willingness to pay

• A)​rises as greater quantities are consumed.
• B)​falls as greater quantities are consumed.
• C)​stays the same as greater quantities are consumed.
• D)​none of the above

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Definitions:

Caveat Emptor

A principle in commerce that places the responsibility on the buyer to perform due diligence before making a purchase.

Principle

A fundamental truth or proposition that serves as the foundation for a system of belief or behavior or for a chain of reasoning.

Ethics of Exchange

Moral principles that govern the conduct of transactions between buyers and sellers, ensuring fairness and honesty in the marketplace.

Consumer Bill of Rights

A set of principles established to protect the interests of consumers, typically advocating for safety, the right to be informed, the right to choose, and the right to be heard.