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19 February, 03:21

What determines the monetary value of a good or service?

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  1. 19 February, 03:38
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    Answer: In accordance with the neoclassical economics, the monetary value of a commodity or service is considered as the price of the commodity in an open market. This value is generally determined by the forces of demand and supply, i. e the demand for the commodity relative to supply. Several neoclassical economist evaluate the value of a product or service with the price, irrespective of the market being competitive.
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