A consumers reservation price is the price at which a1, Ask an Expert

Economics

A consumer's reservation price is the price at which a:

1. Producer is indifferent between selling the product and not selling the product.

2. Consumer prefers to search rather than purchasing at the lowest observed price.

3. Consumer is indifferent among searching again and purchasing at the lowest observed price.

4. Consumer prefers to purchase at the lowest observed price rather than to engage in another search.

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Microeconomics, Economics

Category:- Microeconomics
Reference No.:- M91225858

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