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10 June, 10:03

Which of the following factors would impact a buyer's reservation price for a given good or service? Instructions: In order to receive full credit, you must make a selection for each option. Click the box once to insert a check mark for a correct answer and click twice to empty the box for a wrong answer. The price of a good Social influence The cost of producing the item

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  1. 10 June, 12:58
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    Answer: Social influence

    Explanation:

    The reservation price is the maximum price that a buyer is willing to pay for a product. For a consumer, the difference in the reservation price and the agreed price that the buyer finally pay for the product is the consumer surplus.

    Social influence is a factor that affects ones reservation price. As individuals, social forces influences our demand. The cost of producing the product is a supply-side factor that will affect the supply but will not affect the reservation price. The price of the good also does not affect the reservation price.
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