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Question : Which factor affecting price determination is highlighted in the given statement?
Statement: It is also affected by price control by the government.
 

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 2nd Jan, 2024
Answer (1)
Team Careers360 20th Jan, 2024

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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