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What does an entrepreneur consider while setting a product price?

Answer and explanation

Correct answer: Cost, customer affordability, and market price

Pricing should balance the cost of making or obtaining the product, the amount customers can reasonably pay, and prices charged for comparable products in the market. The entrepreneur may also consider value and competition, but option D gives the essential factors listed in this question. Options A, B, and C alone do not provide a rational basis for setting a sustainable price.

Related tags

PricingCostCustomer AffordabilityMarket PriceQualities And Functions Of An EntrepreneurEntrepreneurial Skills IArtificial IntelligenceClass 9 Mcq

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