In competitive markets,setting a product's price may be a firm's most complicated and important decision.

Question

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In competitive markets, there are various factors that determine the price of a product, such as the cost of production, demand, competition, and target market. A firm must carefully consider all of these factors and conduct market research to set a price that is competitive yet profitable. Therefore, pricing decisions can be complicated and crucial for a firm's success in competitive markets.

In Competitive Markets,setting a Product's Price May Be a Firm's