Value is created when:
A)The price that the customer is willing to pay for a product exceeds the firm's direct cost of production
B)The surplus of value is distributed between customers and producers in the industry by the forces of competition
C)The value of a product to consumers is more than they paid for it.
D)The price that the customer is willing to pay for a product exceeds the firm's cost.

Question

Quizplus · Accepted Answer

Value is created when the price a customer is willing to pay for a product exceeds the firm's cost. This allows the firm to make a profit while providing the customer with a product they value.

Value Is Created When