In the context of economics, price is the amount of money, time, or effort that:

• A. determines the quantity of goods produced
• B. a seller receives as profit from selling a good or service
• C. is set by the government to regulate the market
• D. a buyer must give up to acquire a good or service

Answer: (D)

Verified step by step guidance

1. Understand the concept of price in economics: Price is the value that a buyer must give up to obtain a good or service. This can be money, time, or effort.
2. Recognize that price is not the same as profit, which is the amount a seller receives after costs are deducted.
3. Note that price is not necessarily set by the government; it is often determined by the interaction of supply and demand in the market.
4. Identify that price acts as a signal to both buyers and sellers, influencing how much of a good is demanded and supplied.
5. Conclude that the correct definition of price is the amount a buyer must give up to acquire a good or service, encompassing money, time, or effort.