Final answer:
The theory related to the maximum price a typical buyer is willing to pay for a property feature is called the substitution effect (option D). It entails consumers opting for a less costly alternative to maximize their total utility, and it considers various market influences on buyer behavior.
Step-by-step explanation:
The maximum a typical buyer will pay for a property feature is most closely related to the theory of d. substitution. The substitution effect occurs when a price changes, prompting consumers to consume less of the good with a relatively higher price and more of the good with a relatively lower price. This economic principle reflects consumers' strive for total utility, which is the satisfaction derived from their choices. Factors influencing buyer behavior include a taste shift leading to greater popularity, an increase in the population likely to buy, an increase in income, and a rise in price of substitutes, all of which can affect the value a buyer places on property features.