Question : Which factor affecting price determination is highlighted in the given statement?
Statement: It includes the total cost of producing distributing and selling the 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
Answer (1)
14th Jan, 2024
Correct Answer: Product cost
Solution : The cost of production is the first important factor in producing pricing. It includes the total cost of producing distributing and selling the product. Total cost includes three types of cost fixed cost, variable cost and semi variable costs.
Hence, option A is correct.
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