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14 May, 06:23

What determines the monetary value of a good or service?

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  1. 14 May, 06:58
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    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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