Whenever a good trades in a competitive market,the ________ determines the value of the good.

Question

Quizplus · Accepted Answer

In a competitive market, the price of a good or service is determined by the interaction of supply and demand. The price adjusts until the quantity of the good demanded by buyers equals the quantity supplied by sellers, resulting in a market equilibrium. Therefore, price is the key factor that determines the value of the good in a competitive market.

Whenever a Good Trades in a Competitive Market,the ________ Determines