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Jennthejelly Jennthejelly
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A year ago
Which of the following statements is TRUE of the concept of willingness to pay?

▸ The willingness to pay is the lowest price that a buyer is willing to pay for an extra unit of a commodity.

▸ If a consumer is consuming 10 units of a commodity and she is ready to pay $2 for the eleventh unit, her willingness to pay for the eleventh unit is $2.

▸ The willingness to pay for a commodity increases linearly as the consumption of the commodity increases.

▸ The willingness to pay for a commodity increases exponentially as the consumption of the commodity increases.
Textbook 
Macroeconomics

Macroeconomics


Edition: 3rd
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bluepeachez36bluepeachez36
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A year ago
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A year ago
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