In some cases, prices are assigned to goods on the basis of nothing more than customs and traditions.

Question

Quizplus · Accepted Answer

This statement is true. In some cultures, certain goods may be assigned a price based on long-standing customs and traditions rather than market forces or other economic factors. For example, in some countries, bargaining is expected when purchasing goods at a market, and the final price may be determined by the seller's assessment of the buyer's willingness to pay rather than the actual value of the product. Similarly, in some communities, certain goods may have symbolic value that supersedes their actual market price, and they may be sold at a fixed price that is determined by tradition.

In Some Cases, Prices Are Assigned to Goods on the Basis