Which of these factors is not a price determinant?

Assessment: WAEC SSCE - Marketing - 2020 (Objective) Subject: Marketing

Question 1 Report

Which of these factors is not a price determinant?

Answer Details
The factor that is not a price determinant is the "Standard of living". The standard of living refers to the quality of life and the level of material comfort that people enjoy in a particular society. While it can indirectly affect pricing, it is not considered a direct determinant of price. On the other hand, the other factors listed - level of market demand, economic trend, and competitor's price - all directly impact the price of goods or services. The level of market demand determines how much consumers are willing to pay for a product or service, while economic trends such as inflation, recession, or boom can affect the supply and demand balance, and ultimately influence prices. Additionally, competitor's prices are also a critical determinant of pricing decisions, as companies need to be able to price their products competitively to remain relevant in the market.

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