Question

Price determination views of students

Answer 1

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The traditional view is that the price of a good is determined by supply and demand for that good.

However, this traditional view of supply and demand provides most students with a very one-sided view of the price determination process.

Answer 2

Answer:

price determination is an important process in business.In this, the price of the commodity is determined on the basis of several factors such as cost price, market value, demand for the good in the market, competetor's price etc.

Explanation: