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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


 


Team Careers360 7th Jan, 2024
Answer (1)
Team Careers360 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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