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kobusy [5.1K]
3 years ago
8

What determines the monetary value of a good or service?

Social Studies
1 answer:
guajiro [1.7K]3 years ago
7 0

Answer: In accordance with the neoclassical economics, the monetary value of a commodity or service is considered as the price of the commodity in an open market. This value is generally determined by the forces of demand and supply , i.e the demand for the commodity relative to supply. Several neoclassical economist evaluate the value of a product or service with the price, irrespective of the market being competitive.

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