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Tastes and pr...

Question

Tastes and preferences of the consumers are reflected through the market in the form of prices they are ____________.

A

forced to pay

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B

required to pay

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C

willing to pay

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D

either A or C

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Solution

The correct option is C willing to pay
The consumers demand only those goods from which they are able to derive proper utility against which they pay prices. Therefore, if consumers taste and preference for the commodity is high they will derive more utility out of it and they will pay more price for it.

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