Which of the following is a fair definition of price?
A)In purely economic terms,price is the monetary value of a good or service.
B)Price is a measure of what a customer is required to give up to obtain a good or service.
C)None of the above
D)Both A and B

Question

Quizplus · Accepted Answer

Both A and B are fair definitions of price. In economic terms, price is the amount of money that a customer pays to obtain a good or service. However, from a customer's perspective, price is what they give up, whether it be money or something else, in exchange for the good or service. Therefore, both definitions are valid and should be taken into account when analyzing pricing strategies.

Which of the Following Is a Fair Definition of Price