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With reference to various pricing mechanisms, which of the following statements is not correct?
- a)Market price refers to the price at which the assets, products, and services are bought and sold.
- b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.
- c)An administered price is the price of a good or service as dictated by a government or centralized authority.
- d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.
Correct answer is option 'D'. Can you explain this answer?
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With reference to various pricing mechanisms, which of the following ...
Explanation:
Market price refers to the price at which the assets, products, and services are bought and sold.
Market price is determined by the forces of supply and demand in a free market. It is the price at which buyers are willing to buy and sellers are willing to sell a particular good or service. This statement is correct.
Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.
Control price refers to a pricing mechanism where the government or a regulatory authority sets a maximum or minimum price for certain goods or services. It is used to regulate prices in order to protect consumers or ensure fair competition. This statement is correct.
An administered price is the price of a good or service as dictated by a government or centralized authority.
An administered price is a price set by a government or a centralized authority. It is usually set to achieve specific economic or social objectives, such as controlling inflation or supporting certain industries. This statement is correct.
Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.
This statement is not correct. The recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of an administered price, not a market price. The CACP recommends minimum support prices (MSPs) for agricultural commodities like wheat and rice to ensure remunerative prices for farmers and to support agricultural production. These recommended prices are set by the government and are not determined by market forces.
In conclusion, option D is the incorrect statement. The recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of an administered price, not a market price.
Market price refers to the price at which the assets, products, and services are bought and sold.
Market price is determined by the forces of supply and demand in a free market. It is the price at which buyers are willing to buy and sellers are willing to sell a particular good or service. This statement is correct.
Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.
Control price refers to a pricing mechanism where the government or a regulatory authority sets a maximum or minimum price for certain goods or services. It is used to regulate prices in order to protect consumers or ensure fair competition. This statement is correct.
An administered price is the price of a good or service as dictated by a government or centralized authority.
An administered price is a price set by a government or a centralized authority. It is usually set to achieve specific economic or social objectives, such as controlling inflation or supporting certain industries. This statement is correct.
Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.
This statement is not correct. The recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of an administered price, not a market price. The CACP recommends minimum support prices (MSPs) for agricultural commodities like wheat and rice to ensure remunerative prices for farmers and to support agricultural production. These recommended prices are set by the government and are not determined by market forces.
In conclusion, option D is the incorrect statement. The recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of an administered price, not a market price.
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With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer?
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With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer?.
With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for With reference to various pricing mechanisms, which of the following statements is not correct?a)Market price refers to the price at which the assets, products, and services are bought and sold.b)Control Price is the technique of establishing a lower limit or upper limit of the selling price of specified goods and services.c)An administered price is the price of a good or service as dictated by a government or centralized authority.d)Recommendation of price levels for wheat and rice by the Commission for Agriculture Costs and Prices (CACP) is an example of market price.Correct answer is option 'D'. Can you explain this answer?.
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