List the Two Primary Determinants of Price

question 178

Essay

List the two primary determinants of price.What other factors can affect price setting?

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Definitions:

Synergy

The enhanced effect achieved when multiple elements, organizations, or individuals work together, producing a result greater than the sum of their separate effects.

Free-Riding

The behavior of individuals or entities that benefit from resources, goods, or services without paying for them or contributing their fair share.

Market Growth Rate

measures the increase in a market’s size or demand over a specific period, indicating the expansion or contraction of a market.

Cohesiveness

The quality of forming a united whole, often used to describe the extent to which members of a group are bonded together.