If a producer offers a price that is in excess of a consumer's valuation of the good,the consumer:
A) must buy the good at that price.
B) will refuse to purchase the good.
C) must revalue the good.
D) None of the statements associated with this question are correct.

Question

Quizplus · Accepted Answer

If the consumer's valuation of the good is less than the price offered by the producer, it means the consumer is not willing to pay that price for the good. In such a case, the consumer will refuse to purchase the good.

If a Producer Offers a Price That Is in Excess