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Prices are often set to satisfy demand or reflect premium

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Prices are often set to satisfy demand or reflect the premium that consumers are willing to pay for a product or service. Some critics shudder, however, at the thought of $2 bottles of water, $150 running shoes, and $500 concert tickets. Is the right price a fair price? What is your position on this debate? Please use relevant concepts and theories

Reference no: EM13855869

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