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11⁄2 units of textiles is the maximum price at which the country that imports is willing to pay for in terms of textiles.
The sum of money paid or the amount of compensation offered by one party to another in exchange for products or services is known as a price. The cost of production might take on numerous names depending on the circumstance. The price of a product is the amount that customers are willing to spend. While also taking into account supply costs, seasonal discounts, competitor prices, and retail markup, marketers must connect the price to the product's actual and perceived value. There will be other potential names for this product's name if the product is a "service," though. For instance, the bottom graph will display a few scenarios. Production expenses, the availability of the desired good, and consumer demand all have an impact on the price of a good. A monopolist may set the price or the market may impose it on the business.
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