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Which of the following is the characteristic of price?

Question

Which of the following is the characteristic of price?

A Services Correct Answer Incorrect Answer

B Brand name Correct Answer Incorrect Answer

C Packaging Correct Answer Incorrect Answer

D Payment period Correct Answer Incorrect Answer

Solution

Price is the amount of money that has to be paid to acquire a given product. So long as they are not artificially controlled, prices provide an economic mechanism by which goods and services are distributed among the large number of people desiring them.

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