In economics, the term 'price' of a good is best understood as its:

Question

Accepted Answer

B. Value in exchange

1. Price expresses the value of a thing in relation to money, i.e. the quantity of money for which it will be exchanged.
2. This is precisely the concept of value in exchange (exchange value).
3. Therefore price corresponds to value in exchange.
_Source: ICAI BoS CA Foundation Paper 4 Business Economics, Ch 4 Unit I "Meaning and Types of Markets", p.1_

Answer

Value in use

Answer

Sentimental value

Answer

Opportunity cost

In economics, the term 'price' of a good is best understood as its:

Keep practising Unit 1A: Scarcity, Choice and Opportunity Cost