In Which of the Following Circumstances Would a Buyer Be

question 33

Multiple Choice

In which of the following circumstances would a buyer be indifferent about buying a good?

• A)The amount of consumer surplus the buyer would experience as a result of buying the good is zero.
• B)The price of the good is equal to the buyer's willingness to pay for the good.
• C)The price of the good is equal to the value the buyer places on the good.
• D)All of the above are correct.

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Definitions:

Labor Cost Variance

The difference between the actual labor costs incurred and the standard labor costs for the actual production achieved; it is used for monitoring labor performance.