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.

Practice Next
×
×