Question

Price is best defined as:

Options

• The value added to a product through advertising and packaging

• The discount offered on bulk purchases of a product

• The total expenditure incurred on producing a product or service

• The amount of money paid by a buyer or received by a seller for a product or service

Answer 1

Price is defined as the amount of money paid by a buyer or received by a seller for a product or service. It represents the monetary exchange value in a transaction. It is not the production cost or promotional value, but the actual money exchanged between the two parties.