The price of a single item within a group of items is known as the_______of the item.

The price of a single item within a group of items is known as the_______of the item.

A. total price

B.item price

C.group price

D.unit price

Answer: D.unit price

Specifically, the unit price is defined as the cost of each item when it belongs to a group of items or the price per unit of measurement standards. This concept is most useful to consumers and businesspersons in particular because it facilitates the comparison of disproportionate items.

Knowledge of unit pricing assists consumers in reaching decisions about the most economical way of using their money. For example, in the grocery store some particular product which could be for instance 12-ounce box of cereal may be labelled $3. 00, and a 24-oz box of the same cereal retailing at $5. 50. Thus, for the 12-ounce box the unit price is $0. 25 per ounce ($3. 00 ÷ 12), while for the 24-ounce box, it is $ 0. 23 per ounce ($5. 50 ÷ 24). In this case, the larger box offers a slightly better value.

Another widespread variant of unit pricing is pricing by weight or volume in the case of the selling of some goods, such as commodities. For instance, gasoline is normally sold per gallon, fruits and vegetables, produce per pound and things like rice and nuts are sold per kilogram. This can be for different brands or different sizes of packages so that they can be in a better position to distinguish the prices being offered.

Sellers have adjusted their shop signs to indicate the unit price together with the gross price, which also greatly facilitates the comparison. This kind of openness saves the shoppers optimum money in buying the products and may at times make the shoppers have better choices to make in their purchase, and therefore may make the shoppers spend less money as compared to the other times.