A Consumer's Reservation Price Is the Price at Which A

Multiple Choice

A consumer's reservation price is the price at which a:

A) consumer prefers to search rather than purchasing at the lowest observed price.
B) consumer prefers to purchase at the lowest observed price rather than to engage in another search.
C) consumer is indifferent between searching again and purchasing at the lowest observed price.
D) producer is indifferent between selling the product and not selling the product.