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

Name: Whenever a good trades in a competitive market, the price determines the value of the good.
Brand: Quizplus
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Question

Quizplus · Accepted Answer

In a competitive market, the price of the good is determined by the market forces of supply and demand. Therefore, the price reflects the perceived value of the good by buyers and sellers in the market. As a result, the price is a key factor in determining the value of the good being traded.

Whenever a Good Trades in a Competitive Market, the Price