Although many factors can influence price,what are the primary determinants?
A) the demand for the good and the cost to the seller
B) demand by the consumer and perceived quality
C) stage of the product life cycle and costs to the consumer
D) costs of manufacturing and distribution

Question

Quizplus · Accepted Answer

The primary determinants of price are the demand for the good and the cost to the seller. Demand refers to the level of interest or desire for the product among consumers, while cost refers to the expenses involved in producing, marketing, and distributing the product. Price is typically set at a point where demand and cost meet, allowing the seller to earn a profit while ensuring that the product is priced competitively relative to other similar products in the market. Other factors such as perceived quality, stage of the product life cycle, and manufacturing and distribution costs can also influence price, but demand and cost are the main drivers.

Although Many Factors Can Influence Price,what Are the Primary Determinants