Value Is Created When

question 9

Multiple Choice

Value is created when

• A)the price that the customer is willing to pay for a product exceeds the firm's direct cost of production.
• B)the surplus of value is distributed between customers and producers in the industry by the forces of competition.
• C)the value of a product to consumers is more than they paid for it.
• D)the price that the customer is willing to pay for a product exceeds the firm's cost.

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Definitions:

Law Of Effect

A principle in psychology that suggests behaviors are more likely to recur if followed by positive outcomes and less likely if followed by negative outcomes.

Online Testing

The practice of administering tests or assessments over the internet, often for educational or psychological evaluation.

Biological Predispositions

Inherent tendencies or inclinations that may influence the development of behaviors, traits, or diseases.

Primary Reinforcers

Innate, biologically significant stimuli, like food and water, that satisfy physiological needs and thus reinforce behavior without prior learning.