Value is
A) the price we pay for a good.
B) the cost of resources used to produce a good.
C) objective so that it is determined by market forces, not preferences.
D) the marginal benefit we get from consuming another unit of a good or service.
E) the difference between the price paid for a good and the marginal cost of producing that unit of the good.
D
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Name three determinants of elasticity identified in the text. Explain how each one affects the responsiveness of demand
What will be an ideal response?
The focal point phenomenon:
A. argues that trade barriers force countries to locate production in other countries. B. explains why production tends to take place in a few select countries rather than being evenly distributed across countries. C. explains why production tends to take place in countries that have fewer trade barriers. D. argues that transportation costs make it unprofitable to locate production in other countries.
Which of the following would likely result as a consequence of rent controls?
A. a reduction in the rate of construction of rental housing units B. limits on tenant mobility C. unimproved buildings and apartment complexes D. All of these are correct.
Which is NOT a characteristic of monopolistic competition?
A. lack of collusion among firms B. few firms in the industry C. small share of market to each firm D. independence of each firm's decisions