The market value of a good or service is the:
A) price at which it is bought and sold.
B) government's valuation using the CPI.
C) price at which producers are willing to sell an output.
D) None of these statements is true.

Question

Quizplus · Accepted Answer

The market value of a good or service is the price at which it is bought and sold. This is the value that is determined by the interactions of buyers and sellers in the marketplace. The price reflects the supply and demand of the product or service, and it is influenced by a variety of factors such as competition, production costs, and consumer preferences.

The Market Value of a Good or Service Is The