Question

Consumers’ willingness to pay depends on what income and prices of related goods.

Answer 1

Consumers willingness to pay depends on the following - preference of customers; income and price of related goods.

The consumer will always pay if he wants to pay that means it depends on his preference. Secondly, the consumer will not pay out of his pocket limit that means he will pay according to his income. And also if the price of the related good is as per his limit.

Answer 2

Based on the given description above, the answer for this would be the term DEMAND. Demand is defined as the consumers' willingness to pay depends on what income and prices of related goods. Hope this is the answer that you are looking for. Have a great day ahead!