In most markets, each consumer
A)faces the same money price and time price
B)faces different money prices and different time prices
C)faces the same money price but different time prices
D)faces different money prices but the same time price
E)has the same individual demand curve for the product

Question

Quizplus · Accepted Answer

While consumers may see the same money price for a product, they will have different time prices based on their opportunity cost of time. For example, a consumer who values their time highly may be willing to pay a premium for a product that saves them time, while someone who has more free time may be willing to wait for a lower price. This creates different time prices for different consumers while the money price remains the same.

In Most Markets, Each Consumer