Question

Match these types of prices to their description by writing in the best choice in each blank.

1. Term used by Middle Age philosophers to describe pricing such that justice is served.

2. Term used to describe the inherent price of goods. Some think this is determined by the cost of production.

3. The price of an economic good such that the amount of it that buyers wish to purchase in a certain time period is equal to the amount sellers are offering for sale.

4 The amount a willing seller will take and a willing buyer will pay.

5 That range of prices for a good at which sellers can dispose of most of their goods and buyers with some intensity of demand for the good will be satisfied.

A.
Natural Price

B.
Going Price

C.
Equilibrium Price

D.
Price in a Free Market

E.
Just Price

Answer 1

The terms Just Price, Natural Price, Equilibrium Price, Price in a Free Market, and Going Price correspond to specific descriptions relating to the justice served in pricing, the inherent price of goods, the price where market demand and supply meet, the amount agreed upon by a willing buyer and seller, and a price range conducive to considerable sales and buying interest, respectively.

Step-by-step explanation:

To match these types of prices to their descriptions:

1. Just Price: Term used by Middle Age philosophers to describe pricing such that justice is served.
2. Natural Price: Term used to describe the inherent price of goods. Some think this is determined by the cost of production.
3. Equilibrium Price: The price of an economic good such that the amount of it that buyers wish to purchase in a certain period is equal to the amount sellers are offering for sale.
4. Price in a Free Market: The amount a willing seller will take and a willing buyer will pay.
5. Going Price: That range of prices for a good at which sellers can dispose of most of their goods and buyers with some intensity of demand for the good will be satisfied.