An individual’s value for a good or service is a. the amount of money he or she used to pay for a good. b. the amount of money he or she is willing to pay for it. c. the amount of money he or she has to spend on goods. d. None of the above.

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Answer 1

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Chapter 2, Problem 1MC

An individual’s value for a good or service is

a. the amount of money he or she used to pay for a good.
b. the amount of money he or she is willing to pay for it.
c. the amount of money he or she has to spend on goods.
d. None of the above.

Expert Solution & Answer

To determine

The value of a good or service.

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

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How does a consumer determine how much of a good he or she will buy?

Answer 2

Textbook Question

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Chapter 2, Problem 1MC

An individual’s value for a good or service is

a. the amount of money he or she used to pay for a good.
b. the amount of money he or she is willing to pay for it.
c. the amount of money he or she has to spend on goods.
d. None of the above.

Expert Solution & Answer

To determine

The value of a good or service.

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

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Answer 3

Textbook Question

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Chapter 2, Problem 1MC

An individual’s value for a good or service is

a. the amount of money he or she used to pay for a good.
b. the amount of money he or she is willing to pay for it.
c. the amount of money he or she has to spend on goods.
d. None of the above.

Expert Solution & Answer

To determine

The value of a good or service.

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

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Answer 4

Textbook Question

100%

Chapter 2, Problem 1MC

An individual’s value for a good or service is

a. the amount of money he or she used to pay for a good.
b. the amount of money he or she is willing to pay for it.
c. the amount of money he or she has to spend on goods.
d. None of the above.

Expert Solution & Answer

To determine

The value of a good or service.

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

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Answer 5

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Answer 6

Textbook Question

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Answer 7

Expert Solution & Answer

To determine

The value of a good or service.

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

Answer 8

Expert Solution & Answer

To determine

The value of a good or service.

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

To determine

The value of a good or service.

Answer 12

Explanation of Solution

The value of money is determined in terms of the amount that an individual is willing to pay for a good and service. Thus, the term ‘value’ indicates the willingness to buy by an individual and pay for those goods and services. Thus, option ‘b’ is correct.

Answer 13

Ch. 2 - An individual’s value for a good or service is the...Ch. 2 - Prob. 2MC Ch. 2 - Prob. 3MC Ch. 2 - Prob. 4MC Ch. 2 - Prob. 5MC Ch. 2 - Prob. 6MC Ch. 2 - Prob. 7MC Ch. 2 - Prob. 8MC Ch. 2 - Prob. 9MC Ch. 2 - Prob. 10MC

An individual’s value for a good or service is a. the amount of money he or she used to pay for a good. b. the amount of money he or she is willing to pay for it. c. the amount of money he or she has to spend on goods. d. None of the above.

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