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What is one way to quantity the personal value of a good or service?
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What is one way yo quantify the personal value of a good or service?
By finding the monetary value of something the person would willingly trade in exchange for the good or service
When is the profit-maximizing quantity of output reached?
To maximise profits, the quantity of output reached (supply) must be lesser than the demand, increasing the value and consequently the price of a certain good or service.
What is the absolute value of a good or a service?
The Absolute value of a good or a service is the level of satisfaction of the purchaser of good or recipient of service.
What economic law states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service?
India's national animal is tiger
Which mechanims allocate resources when the price of a good is not allowed to bring suppy and demand into equilibrium?
When the price of a good is not allowed to bring supply and demand into equilibrium, some alternative mechanism must allocate resources. If quantity supplied exceeds quantity demanded, so that there is a surplus of a good as in the case of a binding price floor, sellers may try to appeal to the personal biases of the buyers. If quantity demanded exceeds quantity supplied, so that there is a shortage of a good as in the case of a binding price ceiling, sellers can ration the good according to their personal biases, or make buyers wait in line.
What is one way yo quantify the personal value of a good or service?
By finding the monetary value of something the person would willingly trade in exchange for the good or service
When is the profit-maximizing quantity of output reached?
To maximise profits, the quantity of output reached (supply) must be lesser than the demand, increasing the value and consequently the price of a certain good or service.
What is the absolute value of a good or a service?
The Absolute value of a good or a service is the level of satisfaction of the purchaser of good or recipient of service.
Which of these is one way to quantify the value of a good or service?
You can quantify the value of a good or service by doing a market comparison of that good or service.
What is social demand?
Social demand is the quantity demanded for a good or service
What economic law states that the quantity of a good or service that consumers will buy varies inversely with the price of the good or service?
India's national animal is tiger
A measured quantity is said to have good accuracy if?
It agrees closely with the accepted value
How does quantity demanded differ from demand?
In Economics, demand is defined as the quantity of a good or service consumers are willing and able to buy at a range of prices.Quantity demanded is defined as the quantity of a good or service consumers are willing and able to buy at a price.Quantity demanded is the amount of a good or service consumers demand at one price, whereas demand encompasses each and every instance of quantity demanded. So, on a demand curve, the curve (line) represents demand, while a point on the line represents the quantity demanded at that price.
Difference between quantity and quality?
Quantity is how much of something that you have. Quality is how long something lasts or how "good" it is.
When a good or service is useful it is said to have?
value
What is the value of a good or service is determined by?
Value is determined by the demand and the supply
Which of these is one way to quantify value of a good service?
By finding the monetary value of something the person would willingly trade in exchange for the good or service <---Apex (:
