Value and price can be compared by noting that
A) value is what we must pay while price is what we are willing to pay.
B) value is always greater than price.
C) value is what the seller receives when we buy a good, and price is what we must pay when we buy a good.
D) price is what we must pay and value is what we are willing to pay.
E) they are the same thing.

Question

Quizplus · Accepted Answer

Price is the amount we are required to pay for a product or service, while value is the perceived worth of that good or service to the buyer. In other words, price is the actual cost we pay, while value is the perceived worth we assign to it. Therefore, option D is the best choice that explains the relationship between price and value.

Value and Price Can Be Compared by Noting That