buyers' willingness to pay in a market: a. is represented by the demand curve. cross out b. is represented by the supply curve. cross out c. explains why the demand curve is bowed-out. cross out d. explains why the demand curve is bowed in. cross out

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08-11-2022
Business

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buyers' willingness to pay in a market: a. is represented by the demand curve. cross out b. is represented by the supply curve. cross out c. explains why the demand curve is bowed-out. cross out d. explains why the demand curve is bowed in. cross out

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Bhuvangarg Bhuvangarg · Answer 1 · 2022-11-12T15:04:31+01:00

The ability to pay is also a factor in demand. You do not have an effective demand if you are unable to pay for it.

This idea of a customer's readiness to pay (WTP) fills in as a beginning stage for the interest bend. A customer's Marginal Benefit (MB) is proportional to their willingness to pay.

Is the willingness to pay represented by the demand curve?

Let's talk more about the connection between demand curves and willingness to pay. The maximum amount a customer is willing to pay for a product or service is known as willingness to pay. Or, to put it another way, it is the price at which a customer will buy a product or service or a price below it.

Learn more about demand curves here:

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