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.
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

Question

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.

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

Team Careers360 · Accepted Answer

Correct Answer: Government and legal regulations

Solution : Price is also affected by price control by the government. To protect public interest against unfare practices government can enter win and regulate the price of commodities. Government can declare a product as an essential product and regulate its price.

Hence, option D is correct.

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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: Competitor prices and their anticipated reactions must be considered before fixing the price of a product.

Question : Which factor affecting price determination is highlighted in the given statement?
Statement: Consumer usually purchase more units at a lower price than at a higher price.

Question : Which factor affecting price determination is highlighted in the given statement?
Statement: It must reflect the interest of both buyers and sellers.