An amount of money to be paid in the process of buying goods and services from sellers is known as the Price. The production costs and the demand for the product are the two factors that influence the price of a commodity. In different types of markets, there are different ways of determining the price for a commodity, for instance, in a free-market, the prices for a commodity is determined by the market forces; demand and supply and in a monopoly, a monopolist can determine the price of commodities by observing the demand and supply of the product.
