If a consumer places a value of $14 on a particular good and if the price of the good is $16, then the
consumer will not purchase the good because the price is higher than the value they place on it.
consumer will not purchase the good. This is because the consumer's valuation of the good is lower than the price of the good.
If a consumer places a value of $14 on a particular good and if the price of the good is $16, then the consumer is likely to decide not to purchase the good. This is because the price of the good is higher than the consumer's perceived value of the good.
To determine this, you compare the consumer's perceived value (in this case, $14) with the price of the good ($16). If the price is lower than or equal to the perceived value, the consumer may decide to purchase the good. However, if the price is higher than the perceived value, the consumer is more likely to decline the purchase.
In this scenario, since the price of the good is $16, which is greater than the consumer's perceived value of $14, the consumer is likely to decide not to buy the good.