The price of a good that prevails in a world market is called the
A)absolute price.
B)relative price.
C)comparative price.
D)world price.

Question

Quizplus · Accepted Answer

The price of a good that prevails in the world market is known as the world price. It is determined by the interaction of supply and demand in the international market and reflects the relative scarcity of the good on a global scale. The world price is an important factor that influences the decisions of producers and consumers in the domestic market and affects trade flows between countries.

The Price of a Good That Prevails in a World