In a Free Market, the Price of a Good Is

question 92

Multiple Choice

In a free market, the price of a good is equal to the value of the good:

• A) in its next lowest-valued use.
• B) in its next highest-valued use.
• C) to the highest bidder among those who have satisfied their wants for the good.
• D) given the resources used to produce the good.

---

Definitions:

Rent Revenue

Income earned from leasing out properties or spaces to tenants.

Periodic Inventory System

An inventory system that updates inventory balances after a specific period, typically using physical counts.

Accounts Payable

Liabilities of a business that are debts owed to creditors for purchases made on credit.

Periodic Inventory System

An inventory system in which the inventory count and cost of goods sold are determined at set intervals, such as monthly or annually.