Any consumer trying to decide whether to buy a given good or service will base the decision on his or her reservation price and the existing market price. When making this decision, the buyer's reservation price measures the multiple choice 1 marginal benefit: the value of the resources used in production. marginal cost: the lowest amount the buyer is willing to pay for a product. marginal cost: the cost of production. marginal benefit: the highest price that a buyer is willing to pay for a product. The market price measures the multiple choice 2 marginal cost: what the buyer is willing to pay. marginal cost: the cost of production. marginal cost: the amount that buyer will actually have to pay. marginal benefit: the value of the resources used in production. The consumer will purchase the good or service only if the buyer's reservation price is multiple choice 3 equal to the market price. equal to or higher than the market price. higher than the market price. lower than the market price.
