Question

on what basis is the product price fixed at?

Answer 1

Price is fixed by assessing the demand

high price is charged for highly demanded product and low price for the low-demanded product.

Answer 2

A products price is fixed on the basis that ‘how much money has been spent to make the particular product’ some people wants a profit so they increase the price to more than what he bought the stuff for. Some people will sell the product for the amount spent. And some people sell the product for less than what he/she used on making.