How is the value of a product determined?
A. By the amount a consumer is willing to pay for it
B. By how much it cost the producer to make
C. By its variable costs
D. By the number of workers who were involved in making it
Answer (2)
The value of a product is determined primarily by how much a consumer is willing to pay for it, influenced by perceptions of quality and demand. Although production costs are important, they do not set the market value directly. Therefore, option A is the best answer. ;
The value of a product is primarily determined by how much a consumer is willing to pay for it, reflecting market demand. While production costs and quality can influence pricing, they do not set the market value directly. Thus, the best answer to the question is option A.
;
