Good or service production factors can produce other goods or services that have value {opportunity cost}|. If all markets are working correctly, actual good or service cost equals opportunity cost. If costs are different, market makes more low-cost good, its price decreases, other-good price increases, and finally prices and costs are equal. If two costs are equal, true good-or-service value is price.
Social Sciences>Economics>Microeconomics>Production>Factors
6-Economics-Microeconomics-Production-Factors
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Date Modified: 2022.0224