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Question
'The product has some value which can be measured in terms of money' it is called ______.
Options
Historical value
Exchange value
Zero value
Positive value
MCQ
Fill in the Blanks
Solution
'The product has some value which can be measured in terms of money' it is called Exchange value.
Explanation:
Exchange value is the value of a product as defined by the amount of money or other items it can be traded for on the market. This worth is determined not by the cost of manufacturing or historical value but by what customers are prepared to pay for it. It represents the product's perceived utility, demand, and market conditions at any particular moment.
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Fundamental Concept of Cost
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