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Who defined value as "“the amount buyers are willing to pay for what a firm provides them”? Surname, please

Question

Who defined value as "the amount buyers are willing to pay for what a firm provides them"?

Surname, please.

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Solution

The concept of value as “the amount buyers are willing to pay for what a firm provides them” is attributed to the economist Adam. In his work, he emphasized the relationship between consumer willingness to pay and the perceived value of goods and services offered by firms in the market. This perspective highlights the dynamic between supply and demand, where value is determined largely by the market's perception and the price consumers are prepared to pay for a product or service, thus playing a crucial role in economic transactions.

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