Explain the meaning of price
Explain the meaning of price.
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Price is the money value of the services and the goods. Conversely, it is the exchange value of a service or product in terms of money. For the seller, price is a source of revenue. For the buyer, it is the sacrifice of purchasing power.
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If the wage rate increases from $10 per hour to $25 per hour, then the elasticity of the supply of labor from this worker is roughly: (1) zero. (2) 7/15. (3) one. (4) minus 8/15. Discover Q & A Leading Solution Library Avail More Than 1422322 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1949119 Asked 3,689 Active Tutors 1422322 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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