Asked by
Anshul Takshak
on Nov 17, 2024
Verified
For any given quantity, the price on a demand curve represents the marginal buyer's willingness to pay.
Marginal Buyer
The consumer whose desire or need for a product is the least among all buyers, often determining the highest price they're willing to pay in a market.
Demand Curve
A chart that illustrates the connection between a good's price and the amount that consumers want to purchase.
- Master the concepts underlying willingness to pay, actual payment made, and the calculation of surplus figures.
Verified Answer
KM
Learning Objectives
- Master the concepts underlying willingness to pay, actual payment made, and the calculation of surplus figures.