A) Aggregate cost

B) Unit price

C) Total expenditure

D) Collective value

Answer

B) Unit price

Explanation:

  • Aggregate cost:

This term refers to the total cost of a group of items or the overall cost of a set of items. It doesn’t specifically represent the price of a single item within the group.

  • Unit price:

This is the correct term for the price of a single item within a group. It is the cost per unit or individual item, providing a measure of the price on an individual basis.

  • Total expenditure:

This term generally refers to the total amount spent on a set of items or goods. It doesn’t specifically identify the price of a single item within the group.

  • Collective value:

While this term could be interpreted to represent the combined value of a group of items, it is not a standard term used in the context of pricing individual items within a group.

In summary, “Unit price” is the correct term for the price of a single item within a group, and the other options are not as precise in representing the price of an individual item.

Unraveling the Mystery: The Significance of Unit Price in Consumer Choices

In the realm of retail and consumer decision-making, understanding the finer details of pricing is crucial. One often overlooked yet significant aspect is the concept of “unit price.” The unit price of a single item within a group of items is a key determinant that savvy shoppers use to make informed choices.

Defining Unit Price:

The term “unit price” refers to the cost of a single item within a larger set or package. It allows consumers to assess the true value of a product by breaking down the overall cost into a per-unit basis. This pricing metric proves particularly beneficial when comparing similar products or different package sizes of the same item.

Making Informed Decisions:

Consumers who are conscious of unit prices can make more informed decisions while shopping. For instance, when faced with various packaging options for a particular product, comparing unit prices helps identify the most cost-effective choice. This approach enables shoppers to maximize their budget and get the best value for their money.

Example in Action:

Consider a scenario where a consumer is choosing between two packs of cereal—one larger but more expensive, and the other smaller but more affordable. By calculating the unit price (the cost per ounce or gram), the consumer can discern which option offers better value for their preferences and needs.

Conclusion:

In the intricate landscape of consumer choices, understanding the significance of unit price is a game-changer. It allows shoppers to see beyond the total cost and make choices that align with their budget and preferences. As consumers become more price-conscious, embracing the concept of unit price is a step towards fostering a more informed and empowered shopping experience.