The rate at which someone can swap money for a good is called the _____ of the good.
A) price
B) opportunity cost
C) total cost
D) rate of substitution

Question

Quizplus · Accepted Answer

The price of a good refers to the rate at which money can be exchanged for the good. This is a fundamental concept in economics and is a key determinant of consumer behavior, as buyers will generally seek the lowest possible price for a given good. The opportunity cost of a good refers to the value of the next best alternative foregone, and is not directly related to the rate of exchange for the good. Total cost refers to the sum of all costs associated with producing a good, and is not related to the rate of exchange or price of the good. The rate of substitution refers to the rate at which one good can be substituted for another, and is not directly related to the price of a good.

The Rate at Which Someone Can Swap Money for a Good