According to the text,which of the following statements about price is true?
A) Price and revenue are synonyms.
B) Price is not necessarily based on the satisfaction consumers receive from a product.
C) High prices result in high profits.
D) Price always equals some monetary figure.

Question

Quizplus · Accepted Answer

The text states that "Price is not necessarily based on the satisfaction consumers receive from a product." Therefore, option B is true. A is incorrect because while revenue may be related to price, they are not synonyms. C is incorrect because high prices do not always result in high profits; it depends on various factors such as production costs and consumer demand. D is incorrect because price can also be non-monetary, such as in bartering.

According to the Text,which of the Following Statements About Price