Question: Question 13: Willingness to pay Is the most a consumer is willing to pay for a good or service. Must be greater than or equal

Question 13:

Willingness to pay

Is the most a consumer is willing to pay for a good or service.

Must be greater than or equal to the price of a good or service.

Is often much greater than the prevailing price of a good or service

Often declines as more of a good or service is consumed.

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