Raoul is giving his wife a Herm$$s wallet for her birthday. It cost $$2,000,$ but Raoul thinks this is a very fair value. Value here means that:

Multiple Choice

the product meets his needs and is offered at a price that is fair value.

it was convenient to purchase the wallet, even though the price was not reasonable.

the wallet is cheap in comparison with its competition.

anyone would think that the wallet is a reasonable price.

Raoul could not find a wallet that cost less.