Price (Market)
Monetary value of a product/service.
Real World
When global oil supply fell after OPEC production cuts in 2022, the price of petrol at UK forecourts rose above £2 per litre, signalling producers to increase output.
Exam Focus
Distinguish between a price change (movement along a curve) and a non-price factor change (shift of the curve) — examiners penalise confusion.
How well did you know this?