Prices determine how resources are to be used. They are also the means by which products and services that are in limited supply are rationed among buyers. The price system of the United States is a very complex network composed of the prices of all the products bought and sold in the economy as well as those of a myriad of services, including labor, professional, transportation, and public-utility services. The interrelationships of all these prices make up the "system" of prices. The price of any particular product or service is linked to a broad, complicated system of prices in which everything seems to depend more or less upon everything else. If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words, that price is the money value of a product or service as agreed upon in a market transaction. This definition is,
A. Instructions that come with a product.
B. The quantity of a product.
C. The quality of a product.
D. Warranties that over a product.
Prices determine how resources are to be used. They are also the means by which products and services that are in limited supply are rationed among buyers. The price system of the United States is a very complex network composed of the prices of all the products bought and sold in the economy as well as those of a myriad of services, including labor, professional, transportation, and public-utility services. The interrelationships of all these prices make up the "system" of prices. The price of any particular product or service is linked to a broad, complicated system of prices in which everything seems to depend more or less upon everything else. If one were to ask a group of randomly selected individuals to define "price", many would reply that price is an amount of money paid by the buyer to the seller of a product or service or, in other words, that price is the money value of a product or service as agreed upon in a market transaction. This definition is,
A. unusual ways to advertise products.
B. types of payment plans for service.
C. theories about how products affect different levels of society.
D. bow certain elements of a price "package" influence its market value.
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