Question

Which of the following is the characteristic of price?
1. Packaging
2. Payment period
3. Services
4. Brand name

Answer 1

Correct Answer - Option 2 : Payment period

The correct answer is Payment period

• Price is the amount of money that has to be paid to acquire a given product.
• So long as they are not artificially controlled, prices provide an economic mechanism by which goods and services are distributed among the large number of people desiring them.
• They also act as indicators of the strength of demand for different products and enable producers to respond accordingly. 
• The payment period is the period over which the borrower is obliged to make payments.
• Since price is the money that is to be paid for any goods or services, this is the most appropriate option.