Which of the following factor is not a price determinant?
MARKETING
WAEC 2023
Which of the following factor is not a price determinant?
- A. Consumer's culture
- B. Level of demand
- C. Cost of production
- D. Competitors prices
Correct Answer: A. Consumer's culture
Explanation
The factor that is not a price determinant among the given options is the consumer's culture. While the cost of production, competitor's prices, and the level of demand are all factors that can influence pricing decisions, the consumer's culture is not typically considered a direct determinant of price. Consumer culture refers to the beliefs, values, attitudes, and behaviors of a particular group of consumers, which can influence their purchasing decisions and preferences. However, it is not directly tied to the determination of prices in a market.
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