Answer to Question #126965 in Microeconomics for Fayemi Toluwanimi

Question

What is price determination

Answer 1

Price is the cost of the services provided, benefits, determination of the quality of the goods produced in terms of money. Price is also understood as one of the most important marketing tools. With the help of price, it becomes possible to determine and compare the quality and popularity of different or analogous products. The moral behavior of people and their spiritual human qualities can also be measured using the concept of price and value. The price is called a certain amount of money for which the seller agrees to sell the product at a profit for himself, and the buyer agrees to buy the product for his own benefit.