About maximum willing to buy-maximum reservation price

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Which of the following statements are true about Maximum Willing to Buy (MWB) and Maximum Reservation Price (MRP)? MWB and MRP are both artificial concepts. MWB is the quantity that customers will "buy" when the price of a product is zero and MRP is the lowest price at which quantity demanded equals zero. MWB and MRP are both used in calculating profit margins. MRP is the quantity that customers will "buy" when the price of a product is zero and MWB is the lowest price at which quantity demanded equals zero.

Reference no: EM133637332

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