Which of the Following Statements About Price Is True

question 75

Multiple Choice

Which of the following statements about price is true?

• A) Price and revenue are synonyms.
• B) Price always equals some monetary figure.
• C) Price is not necessarily based on the satisfaction consumers receive from a product.
• D) High prices result in high profits.
• E) All of the above statements about price are true.

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Definitions:

Behavioral Approach

A strategy in psychology and economics focusing on how individual behavior is influenced by psychological factors and decision-making processes.

Antitrust Laws

Legislation enacted to prevent new monopolies from forming and to break up those that already exist to ensure competition in the marketplace.

Federal Trade Commission

The Federal Trade Commission is a U.S. federal agency established to protect consumers and promote competition by preventing anticompetitive, deceptive, and unfair business practices.

Unfair Practices

Business actions that are dishonest, deceptive, or not in accordance with established legal and ethical standards.