In general,the social value of an extra unit of a good can be measured by its
A) availability.
B) labor content.
C) durability.
D) total cost.
E) price.

Question

Quizplus · Accepted Answer

The social value of a good is typically measured by its price, as the price reflects the collective willingness of society to allocate resources towards its production and consumption. Higher prices generally indicate a greater social value, as consumers are indicating a stronger preference for the good relative to other options. Therefore, in general, the social value of an extra unit of a good can be measured by its price.

In General,the Social Value of an Extra Unit of a Good