Willing to pay for goods and services mostly depend

Assignment Help Business Economics

Reference no: EM13897150

The prices that people are willing to pay for goods and services mostly depend on:

a. the marginal utility derived from the goods and services.

b. whether the goods are legal, since the laws affect the position of both supply and demand curves.

c. the cost of producing the goods and services.

d. the total utility derived from the goods and services.

e. the availability of raw materials for producing the goods and services.

Reference no: EM13897150

Questions Cloud

Marginal utility of income diminishes as income increases : Which one of the following is based on the idea that the marginal utility of income diminishes as income increases?

Use the financial data for randa merchandising : Use the financial data for Randa Merchandising, Inc., in Exercise 17-13 to prepare its income statement for calendar year 2013. (Ignore the earnings per share section.)

Consider an entrepreneurial legend : Identify at least one important entrepreneur that you would consider an "entrepreneurial legend" and state why you consider the person to be (or have been) exemplary. You must also identify at least one economic decision made by this entrepreneur tha..

Discuss opportunity costs : Describe when you have experienced diminishing marginal utility. Also discuss opportunity costs you have had to pay in order to attend school

Willing to pay for goods and services mostly depend : The prices that people are willing to pay for goods and services mostly depend on:

Global responsibilities : Even though China's has been better than before to take up its global responsibilities, why has its performance been mixed in the view of other countries?

Short run average variable cost function avc : What is its short run total variable cost function SVC? Short run average variable cost function AVC? Could you conclude that average variable cost is always less than marginal cost? What is the minimum price that the firm is short run profitable (fi..

Explain the output effect and the price effect for oligopoly : Explain the output effect and the price effect for an oligopoly. How does each influence the oligopolist's production decision?

How do they affect a monopolistically competitive firm : Entry of firms in a monopolistically competitive industry is characterized by two "external" effects. What are these effects and how do they affect a monopolistically competitive firm. How are consumers and incumbent firms influenced by these externa..

User Account

All Pages