Question

What does market value of a good or service mean?

loss incurred on a good or service



profit incurred on a good or service



cost of producing a good or service



current price of a good or service

Answer 1

The answer is D because the price is set dynamically by the supply and demand curve for a product. The more people want to buy a product, the higher the price will be. If a product costs too much, then people wont take interest in buying the product and the company would end up producing too much of it.