Economic value is created when:
A)The price that customers pay for a product exceeds the costs of producing it
B)Competition causes surplus value to be transferred from producers to consumers
C)The price that customers are willing to pay for a product exceeds the price they actually pay
D)The price that customers are willing to pay for a product exceeds the cost producing it

Question

Quizplus · Accepted Answer

Economic value is created when the market price of a product or service exceeds the cost of producing it. This indicates that customers are willing and able to pay more for the product than what it cost to produce, resulting in a profit for the producer.

Economic Value Is Created When