Which describes the economic meanings of value and price?
A) Value is the marginal benefit obtained and price is the dollars that must be paid.
B) Value is exchange worth minus marginal benefit and price is the dollars that must be paid.
C) Value refers to the dollars that must be paid and price refers to the cost of producing the good.
D) Value refers to the gain the producer gets from the good or service and price refers to the gain the consumer gets from the good or service.
E) They are the same and both mean the dollars that must be paid.

Question

Quizplus · Accepted Answer

Value refers to the satisfaction or benefit that a consumer derives from consuming a good or service. It is measured in terms of the marginal benefit obtained from consuming an additional unit of the good or service. Price, on the other hand, refers to the amount of money that the consumer must pay to obtain the good or service.

Which Describes the Economic Meanings of Value and Price