Which factor sets the ceiling on setting a product's price?

1 answer:

7 0

Customer's perceptions set the price ceiling - if they see the price as too high they won't buy it, demand will fall, and so will the equilibrium price. Their perception on the fairness of the price will affect how high the price can go before losing sales.

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Which factor sets the ceiling on setting a​ product's price?

Which factor sets the ceiling on setting a product's price?