Question : Which factor affecting price determination is highlighted in the given statement? Statement: Competitor prices and their anticipated reactions must be considered before fixing the price of a product.
Option 1: Product cost
Option 2: Utility and demand of the product
Option 3: Extent of competition in the market
Option 4: Government and legal regulations
Correct Answer: Extent of competition in the market
Solution : Competitor prices and their anticipated reactions must be considered before fixing the price of a product. Price of product cannot be fixed without considering the nature and the degree of competition.
Hence, option C is correct.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: In addition to price quality and features of the competitive products must be examined carefully before fixing the prices.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: Government can declared a product a essential product and regulate its price.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: It is affected by intensity or price elasticity of demand.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: It is also affected by price control by the government.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: It cannot be fixed without considering the nature and the degree of competition.
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