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28 August, 12:59

The determination of an exchange price acceptable to both the buyer and the seller of a product is called

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  1. 28 August, 16:30
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    Answer: pricing

    Explanation:

    Pricing is the determination of an exchange price acceptable to both the buyer and the seller of a product.

    When a seller is determining the price of a product, she considers cost of production, projected revenue, price of competitors, market condition and regulation.

    A buyer would consider the quality of the product, economic conditions and utility when deciding on the price to acquire a product.

    The different types of pricing strategies are -

    1. Penetration pricing - when prices are set very low to attract customers and to gain access into a market.

    2. Premium pricing - when prices are set very high so that the product would appeal to certain consumers.
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