Question : Which of the following statement is incorrect?
Option 1: Product cost is the factor affecting price determination.
Option 2: Extent of competition in the market is the factor affecting price determination
Option 3: Company characteristics is the factor affecting price determination.
Option 4: None of the above
Correct Answer: Company characteristics is the factor affecting price determination.
Solution : Company characteristics includes financial strength and degree of control desired. Company characteristics is the factor determining choice of channels.Product cost and extent of competition in the market is the factors affecting price determination.
Hence, option C is correct.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: Government can declared a product a essential product and regulate its price.
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
Question : Which factor affecting price determination is highlighted in the given statement? Statement: Competitor prices and their anticipated reactions must be considered before fixing the price of a product.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: It is affected by intensity or price elasticity of demand.
Question : Which factor affecting price determination is highlighted in the given statement? Statement: It is also affected by price control by the government.
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.
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