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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.
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
Answer (1)
Correct Answer: Extent of competition in the market
Solution : In addition to price quality and features of the competitive products must be examined carefully before fixing the prices. Competitors price and their anticipated reactions must be considered before fixing the price of product.
Hence, option C is correct.
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