What is Price?
The price of a good or service is the amount that one party will pay to receive something else in return. If you buy an item, its cost may include both material costs like labor and shipping fees as well as margin adjustments for any manufacturing expenses incurred by the company during production time.
In the short term, a firm’s price is determined by production costs and demand. In the long-term, however, there can be other influences on these products’ pricing, such as monopolistic competition or imposed market conditions like shortages due to natural disasters, which could lead them up being redesignated with another name altogether if they are services instead of goods because then we would look at what type-specific service our company provides rather than just focusing solely on its monetary value alone.
