If a consumer places a value of $13 on a particular good and if the price of the good is $16, then the
A)consumer enjoys consumer surplus if he or she buys the good.
B)consumer does not purchase the good.
C)market is not a competitive market.
D)price of the good will fall due to market forces.

Question

Quizplus · Accepted Answer

The consumer values the good less than its price, meaning they perceive the good as not worth the cost, leading to a decision not to purchase.

If a Consumer Places a Value of $13 on a Particular