Ans. Several factors influence the determination of a product's price. These factors include the costs involved in producing and distributing the product, the demand and market conditions, the competition in the industry, the perceived value of the product, and the pricing objectives of the company. The costs of production, including raw materials, labor, and overhead expenses, play a crucial role in setting the price. The demand for the product and market conditions, such as supply and demand dynamics, also affect pricing decisions. Competition in the industry can impact the price, as companies may adjust their prices to gain a competitive edge. The perceived value of the product by the target market and the pricing objectives of the company, such as profit maximization or market penetration, also influence pricing strategies.