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Question
The price which a consumer would be willing to pay for a commodity equals to his ________.
The price which a consumer would be willing to pay for a commodity equals to his ________.
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Solution
The correct option is D Does not have any relation to any of the above options
The price
which a consumer pays for a commodity is always less than what he is willing to
pay for it, so that the satisfaction which he gets from its purchase is more
than the price paid for it and thus he derives a surplus satisfaction which
Marshall calls Consumer’s Surplus (CS).
The price which a consumer pays for a commodity is always less than what he is willing to pay for it, so that the satisfaction which he gets from its purchase is more than the price paid for it and thus he derives a surplus satisfaction which Marshall calls Consumer’s Surplus (CS).
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