Which describes the economic meanings of value and price?
◦ Value is exchange worth minus marginal benefit and price is the dollars that must be paid.
◦ Value is the marginal benefit obtained and price is the dollars that must be paid.
◦ Value refers to the gain the producer gets from the good or service and price refers to the gain the consumer gets from the good or service.
◦ Value refers to the dollars that must be paid and price refers to the cost of producing the good.
◦ They are the same and both mean the dollars that must be paid.