Question

Price is Group of answer choices the most inflexible marketing mix decision variable. the value that is exchanged for products in a marketing transaction. of limited interest to sellers. not important to buyers. money paid in a transaction.

Answer 1

The value that is exchanged for products in a marketing transaction.

Step-by-step explanation:

Price in economics can be defined as the amount of money that has to be paid to acquire a product.

It is the amount of money which something is sold.

Price is a measure of value of a product. It is an indicator of the strength of demand for a products and enable producers to respond accordingly.

Demand and supply is used to determine price.

An increase in demand will lead to an increase in price and a decrease in demand leads to a decrease in price. This is to say that sellers increases price when the demand of a product is high. Producers make more Profits from increase in demand because they can increase prices.

An increase in supply without a corresponding increase in demand will lead to a fall in price.

Answer 2

The value that is exchanged for products in a marketing transaction.

Step-by-step explanation:

Price can simply be defined as the amount of money that is paid inorder to purchase a good or service. Price can also be described as the measure it the worth of a particular product.

The different factors that affect the price of a product include:

- The level of competition in the market.

- Regulation of prices by the government.

- The different marketing methods used to create awareness to the customers.

- The rate of demand for the product.

- The different costs incurred in production of the goods.