ECONOMICS
MONEY
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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The amount of money we pay for a good or service
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currency
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price
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inflation
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economics
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Explanation:
Detailed explanation-1: -Comparison Chart. Price is the amount paid for acquiring any product or service .
Detailed explanation-2: -Price of a good or service is the one price at which quantity supplied equals quantity demanded.
Detailed explanation-3: -Price is the amount a customer is willing to pay for a product or service. The difference between price paid and costs incurred is profit.
Detailed explanation-4: -Definition: Price is the value that is put to a product or service and is the result of a complex set of calculations, research and understanding and risk taking ability. A pricing strategy takes into account segments, ability to pay, market conditions, competitor actions, trade margins and input costs, amongst others.
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