The price that someone is willing to give up or pay to acquire a good or service. It is the source of the demand price of a good. However, willingness to pay does not require an actual payment.
WILLINGNESS-TO-PAY (WTP)
The price that someone is willing to give up or pay to acquire a good or service. It is the source of the demand price of a good. However, willingness to pay does not require an actual payment.
