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Suppose Chris and Laura attend a charity benefit and participate in a silent auction. Each has in mind a maximum amount that he or she will bid for an oil painting by a locally famous artist. This maximum is called of:_________. a. deadweight loss. b. willingness to pay c. consumer surplus. d. producer surplus.

Respuesta :

hyderali230

Answer:

b. willingness to pay

Explanation:

Willingness to pay is the term used for the economic value of the good to a person willing to buy under some given conditions. In this situation there is a silent auction which requires the evaluation of each participant for the price they think reasonable. The maximum amount that he or she will bid for the painting in absence of any comparison of prices will based  their willingness to pay for it.

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