The price of a good is
A) always equal to the cost of producing the good.
B) never affected by the number of buyers and sellers.
C) usually determined in a market.
D) None of the above.

Question

Quizplus · Accepted Answer

The price of a good is usually determined in a market where buyers and sellers interact and negotiate. The cost of producing the good may be one factor that influences the price, but it's not always equal to it. The number of buyers and sellers can also affect the price, as more buyers may drive up prices while more sellers may drive them down. Therefore, options A and B are incorrect, and option C is the best answer.

The Price of a Good Is