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 wallet is cheap in comparison with its competition.

Raoul could not find a wallet that cost less.

anyone would think that the wallet is a reasonable price.

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.