Bundle: Managerial Economics, Loose-leaf Version, 5th + MindTap Economics, 1 term (6 months) Printed Access Card
Bundle: Managerial Economics, Loose-leaf Version, 5th + MindTap Economics, 1 term (6 months) Printed Access Card
5th Edition
ISBN: 9781337607995
Author: Luke M. Froeb, Brian T. McCann, Michael R. Ward, Mike Shor
Publisher: Cengage Learning
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Chapter 2, Problem 1MC

An individual’s value for a good or service is

  1. a. the amount of money he or she used to pay for a good.
  2. b. the amount of money he or she is willing to pay for it.
  3. c. the amount of money he or she has to spend on goods.
  4. d. None of the above.
Expert Solution & Answer
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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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