A brand new, well-built, and technologically advanced cell phone costs $125 to manufacture. However, it has a value of $0 unless someone is willing to buy it.

Question

Quizplus · Accepted Answer

The value of a product, including a cell phone, is determined by the willingness of consumers to pay for it. If no one is willing to buy it, regardless of its manufacturing cost or technological advancements, its market value is effectively $0.

A Brand New, Well-Built, and Technologically Advanced Cell Phone Costs