Question

explain in detail the process of price determination
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Answer 1

The price of a product is determined by the law of supply and demand. Consumers have a desire to acquire a product, and producers manufacture a supply to meet this demand. The equilibrium market price of a good is the price at which quantity supplied equals quantity demanded. Graphically, the supply and demand curves intersect at the equilibrium price.

Answer 2

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Process of Price Determination · 1. Estimate the Demand for the Product · 2. Anticipate the Competitive Influences

Answer 3

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Process of Price Determination · 1. Estimate the Demand for the Product · 2. Anticipate the Competitive Influences