Which of the Following Is a Fair Definition of Price

question 149

Multiple Choice

Which of the following is a fair definition of price?

• A)In purely economic terms,price is the monetary value of a good or service.
• B)Price is a measure of what a customer is required to give up to obtain a good or service.
• C)None of the above
• D)Both A and B

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Definitions:

Internet

A global network of interconnected computers and servers that facilitates the exchange of data and communication.

Full Employment

A situation in an economy where all available labor resources are being used in the most efficient way possible, typically characterized by the absence of cyclical unemployment.

Unemployment

The situation where individuals who are capable of working and actively seeking employment are unable to find a job.

Labor Force

The total number of people employed and those actively seeking employment in an economy.