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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Students have asked these similar questions

Choose the Letter of the Correct Answer 1. It refers to a basic economic question that asks what needs and wants to be produced?. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 2. It refers to the skills and talents to produce a product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 3. It refers to the target market of a certain product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 4. A basic economic question that relates about quality and quantity of the product. A. How much to produce? B. What to produce? C. How to produce? D. For whom to produce? 5. It is a kind of economic system that is paternal, kinship in nature. A. Traditional economic system B. Market economic system C. Command economic system D. Mixed economic system

what will be a good example a person participated in goods, labor, and financial markets.

Altruism: now consider the case where each individual cares about the benefit from the museum to the other two. For example, any additional utility to Alice or Bianca is also a utility gain for Claire. Hint: for each person, the total marginal benefit is TMB= MBA+ MBB+MBC Find each person’s optimal number of art works. Who will contribute and how many works of art will be provided?

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

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 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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