Several factors influence a product’s price. Supply and demand play a major role, as the amount of a product available for sale and the number of people wanting to buy it will affect the price. The cost of production is also important, as the materials and labor used to create the product will influence the final price.
Competition is also a factor. If multiple suppliers in the market offer similar products, prices may be lower due to competition. Quality and brand reputation also contribute, as higher quality products typically cost more and brands with a good reputation can often charge more.