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

 

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 6th Jan, 2024
Answer (1)
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Team Careers360 12th Jan, 2024

Correct Answer: Utility and demand of the product


Solution : The product price must reflect the interest of both buyer and seller. The buyer maybe ready to pay up to the point where the utility from the product is at least equal to the sacrifice made in terms of price paid. However the seller would try to at least cover the costs.

Hence, option B is correct.

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