Although many factors can influence the price of a product, the primary determinants are:
a. the costs of manufacturing and distributing the product.
b. the demand for the product and the cost to the seller for the product.
c. the demand by consumers and the perceived quality of the product.
d. the distribution and promotion strategies for the product.
ANSWER: b
Although many factors can influence price, the primary determinants are the demand for the good or service and the cost to the seller. The quantity of a product that will be sold in the market at various prices for a specified period is called the demand.
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