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

Question

Business

Abril Mckenzie

13 August, 03:09

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

+3

Answers (1)

Know the Answer?

Kassidy Myers · Answer 1

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.

What does market value of a good or service mean?A.) loss incurred on a good or serviceB.) profit incurred on a good or serviceC.) cost of producing a good or serviceD.) current price of a good or service

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