Which of the following is Adam Smith's definition of the concept of price?
1
price is the exchange value of a product expressed in terms of rupees or any other monetary unit.
2
the price of everything, what everything really costs, is the toil and trouble of acquiring it.
3
Pricing is a very important aspect in the marketing as it directly affect the sales and profits of the company.
4
Price is an important element of marketing. After developing a product, the next thing a company has to decide is the price.