Value and price can be compared by noting that
A) they are the same thing.
B) value is always greater than price.
C) value is what we must pay while price is what we are willing to pay.
D) price is what we must pay and value is what we are willing to pay.
E) value is what the seller receives when we buy a good, and price is what we must pay when we buy a good.

Question

Quizplus · Accepted Answer

Price is the monetary amount that we must pay to purchase a good or service, while value is the worth we attribute to that good or service based on its perceived benefits and usefulness. Value can vary from person to person, while price is set by the seller. Therefore, value is what we are willing to pay, while price is what we must pay to acquire the good or service.

Value and Price Can Be Compared by Noting That