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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market1 Mark
Question
Price of a product revolves around two important components. Name them.
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Answer

Basically, price revolves around two major components:
  1. Utility: It is the generic property of the product to satisfy the need 02 or want of the consumer.
  2. Value: The quantitative worth the consumer attaches to the is product, for which he is willing to part with a certain amount of money.

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