Final answer:
Value is created and applied based on different scenarios. In scenario A, value is created through high demand and applied as the price consumers are willing to pay. In scenario B, value is created through competitive advantage and applied as the market price. Scenario C explores how changes in supply and demand affect value.
Step-by-step explanation:
Value is created and applied in various scenarios in different ways. In scenario A, value is created when a company produces a product or service that is high in demand, such as a new and innovative technological device. The applied value in this case would be the price that consumers are willing to pay for the product based on its usefulness and desirability.
Scenario B involves the creation and application of value in a competitive market. In this scenario, value is created by businesses offering products or services that are superior to their competitors, such as higher quality or lower prices. The applied value would be the market price at which consumers are willing to purchase the product or service.
Scenario C focuses on the effect of changes in supply and demand on value. For example, if there is an increase in the supply of a certain product, the value may decrease because it becomes more readily available. Alternatively, if there is a decrease in demand for a product, the value may also decrease because consumers are less willing to pay a high price for it.