This post addresses what prices should reflect.
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Do you believe that prices should reflect the value that consumers are willing to pay or should prices primarily reflect the cost involved in making a product or service. Defend your answer.
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The solution provides a detailed discussion examining if prices should reflect the value that consumers are willing to pay, or if prices primarily reflect the cost involved in making a product or service.
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Prices should reflect the value that consumers are willing to pay. If companies priced their products to reflect the cost that was involved in making the products or services, it would be in complete contrast to the economic system and how goods and services are priced, which would ultimately affect various parts of commerce. As an example, when I was in high school many years ago, I worked part time ...
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