Which of the Following Statements About Price Is True

question 45

Multiple Choice

Which of the following statements about price is true?

• A) Pricing is the least important marketing mix element.
• B) Price is always a monetary value.
• C) Price can mean exchange of nonmonetary goods or services.
• D) Most consumers believe price has little influence on their purchase decisions.
• E) Pricing is unaffected by changes in the business cycle.

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Definitions:

Price Index

An average that measures the change in prices paid by consumers for goods and services over time, indicating inflation or deflation.

GDP

Gross Domestic Product, a measure of the economic performance of a country, indicating the total value of all goods and services produced over a specific time period.

Price Index

A measure that examines the weighted average of prices of a basket of consumer goods and services, used to estimate inflation.

Real GDP

Real Gross Domestic Product (Real GDP) is an inflation-adjusted measure that reflects the value of all goods and services produced by an economy in a given year, providing a more accurate representation of an economy's size and growth rate.