Price is Group of answer choices the most inflexible marketing mix decision variable. the value that is exchanged for products in a marketing transaction. of limited interest to sellers. not important to buyers. money paid in a transaction.

The value that is exchanged for products in a marketing transaction.

Explanation:

Price in economics can be defined as the amount of money that has to be paid to acquire a product.

It is the amount of money which something is sold.

Price is a measure of value of a product. It is an indicator of the strength of demand for a products and enable producers to respond accordingly.

Demand and supply is used to determine price.

An increase in demand will lead to an increase in price and a decrease in demand leads to a decrease in price. This is to say that sellers increases price when the demand of a product is high. Producers make more Profits from increase in demand because they can increase prices.

An increase in supply without a corresponding increase in demand will lead to a fall in price.