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Which of the following statements best defines the role of price in an economy?a)Price is a tool for allocating resources in a planned economy.b)Price has no impact on production, consumption, and distribution.c)Price has no effect on business profits and economic development.d)Price only affects living standards but not resource allocation.Correct answer is option 'A'. Can you explain this answer? for B Com 2024 is part of B Com preparation. The Question and answers have been prepared according to the B Com exam syllabus. Information about Which of the following statements best defines the role of price in an economy?a)Price is a tool for allocating resources in a planned economy.b)Price has no impact on production, consumption, and distribution.c)Price has no effect on business profits and economic development.d)Price only affects living standards but not resource allocation.Correct answer is option 'A'. Can you explain this answer? covers all topics & solutions for B Com 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Which of the following statements best defines the role of price in an economy?a)Price is a tool for allocating resources in a planned economy.b)Price has no impact on production, consumption, and distribution.c)Price has no effect on business profits and economic development.d)Price only affects living standards but not resource allocation.Correct answer is option 'A'. Can you explain this answer?.

Solutions for Which of the following statements best defines the role of price in an economy?a)Price is a tool for allocating resources in a planned economy.b)Price has no impact on production, consumption, and distribution.c)Price has no effect on business profits and economic development.d)Price only affects living standards but not resource allocation.Correct answer is option 'A'. Can you explain this answer? in English & in Hindi are available as part of our courses for B Com. Download more important topics, notes, lectures and mock test series for B Com Exam by signing up for free.

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