Goods with uses valued higher than the market price represent satisfied wants.

Name: Goods with uses valued higher than the market price represent satisfied wants.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

If the market price of a good is lower than its value to a consumer, then the consumer perceives that they are getting a "good deal" and their want is satisfied. This is a fundamental principle of consumer surplus in economics. Therefore, goods with uses valued higher than the market price represent satisfied wants.

Goods with Uses Valued Higher Than the Market Price Represent