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12 August, 22:30

What does market value of a good or service mean?

A.) loss incurred on a good or service

B.) profit incurred on a good or service

C.) cost of producing a good or service

D.) current price of a good or service

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Answers (1)
  1. 12 August, 22:34
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    In this case D would be the correct answer. In our free market economy, or capitalism, the price is set dynamically by the supply and demand curve for a product. If more people want to buy a product, the higher the price can be. On the other hand if a product costs to much, people won't want to buy it and the company could end up making too much of it.
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