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Understanding the Market — Entrepreneurship STD 11 Commerce — Question

CBSE BoardEnglish MediumSTD 11 CommerceEntrepreneurshipUnderstanding the Market3 Marks
Question
Which factors must be considered while fixing the price?
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Answer

Following factors must be worked out before fixing the price of the commodity by the entrepreneur:
  1. Cost of the product.
  2. Demand for the product.
  3. Competition in the market.
  4. Government regulations related to pricing.
  5. Consumer behaviour.
  6. Objectives of the enterprise.
  7. Terms of credit.

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