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Which of these is one way to quantify the personal value of a good or service?

  • Question 1b of 10 - Store policies

  • Maximum Attempts: 1
  • Question Type: Multiple Choice
  • Maximum Score: 2
  • Question: Which of these is one way to quantify the personal value of a good or service?
  • Answers:
  1. By finding out how much profit the company makes selling the good or service
  2. By finding the monetary value of something the person would willingly trade in exchange for the good or service
  3. By figuring out all of the monetary and nonmonetary costs associated with buying the good or service
  4. By calculating and comparing all of the monetary costs and benefits of purchasing that good or service

The correct answer is: By finding the monetary value of something the person would willingly trade in exchange for the good or service. By putting the value of the good or service as a price for something with equal value, the good is given a numerical value that's meaningful to the consumer.

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