Question

The lowest price that a seller is willing to receive to sell an extra unit of a good is called
1. willingness to accept
2. willingness to pay
3. willingness to exchange

​, while the highest price that a buyer is willing to pay for an extra unit of a good is called

1. willingness to exchange
2. willingness to accept
3. willingness to pay

Answer 1

Answer:

1. willingness to accept

3. willingness to pay

Explanation:

Willingness to accept is the least amount a seller is willing to sell his products. The difference between price and willingness to accept is the Producer surplus.

Willingness to pay is the highest amount a consumer would be willing to pay for a product. The difference between willingness to pay and price of a good is the consumer surplus.

I hope my answer helps you