Willingness to pay $($WTP$)$ is the minimum amount of money a person would be willing to take to give up a good or service they value.

True

False

While the strength of stated preference methods is their flexibility to value any good or

service, it is also its major weakness.

True

False

The hedonic price method can be used to estimate neighboring households' value for a bird

sanctuary $($a kind of park$)$ in their neighborhood.

True

False

The contingent valuation method $($CV$)$ is fundamentally imperfect, so it is not commonly used in cost$-$benefit analysis.

True

False