Final answer:
Price is the assignment of value, or the amount a consumer must give to receive a product. Option C
Step-by-step explanation:
The assignment of value, or the amount a consumer must give to receive a product, is called a price. This concept is fundamental in the study of economics and business. What a buyer pays for a unit of a specific good or service is determined by the price.
For example, if the price of a gallon of gasoline goes up, individuals might adjust their behavior to reduce consumption by carpooling or making fewer trips.
The relationship between price and the total number of units consumers are willing to purchase is framed by the law of demand. According to this law, when prices increase, the quantity demanded tends to decrease, assuming all other variables remain constant. Conversely, when prices decrease, the quantity demanded tends to increase. This inverse relationship is critical to understanding market dynamics. Option C