The competitive market price of a good
A) Is equal to the value consumers place on the last unit they purchased
B) Is equal to the cost of producing an extra unit of the good
C) Must exceed the cost of producing an extra unit of the good
D) Must be less than what consumers are willing to pay for an additional unit of the good

Question

Quizplus · Accepted Answer

The Answer of The competitive market price of a good
A) Is equal to the value consumers place on the last unit they purchased
B) Is equal to the cost of producing an extra unit of the good
C) Must exceed the cost of producing an extra unit of the good
D) Must be less than what consumers are willing to pay for an additional unit of the good

The Competitive Market Price of a Good