Question : Assertion: Price is the sole determinant of a product's value in the market.
Reason: Price is influenced by various factors and reflects the value perceived by customers.
Option 1: Both assertion and reason are true, and the reason is the correct explanation of the assertion.
Option 2: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Option 3: Assertion is true, but the reason is false.
Option 4: Assertion is false, but the reason is true.
Correct Answer: Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
Solution : The correct answer is (b) Both assertion and reason are true, but the reason is not the correct explanation of the assertion.
The assertion is true to some extent. Price is a determinant of a product's value in the market, but it is not the sole determinant. The perceived value of a product is influenced by various factors, not just the price.
The reason is true. Price is influenced by various factors, including production costs, market demand, competition, and perceived value by customers. However, while the reason provides additional context about price, it doesn't directly explain why the assertion is true. It acknowledges that price is influenced by factors, which is correct, but it doesn't explain why price is the determinant of a product's value in the market.
Question : Assertion: Factors affecting price include costs, competition, and customer perception.
Reason: Price is determined solely by the seller's objectives and is independent of external factors.
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