Price is the total bundle of disutilities given up by consumers in exchange for a product.

Question

Quizplus · Accepted Answer

Price is the monetary value of a product or service, and it represents the amount of money that consumers are willing to give up in exchange for that product or service. Disutility is the negative feeling or experience that consumers associate with giving up money, and it is a key factor in determining the price of a product or service.

Price Is the Total Bundle of Disutilities Given Up by Consumers