Why is price such a difficult variable to control?

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In economics, price is the amount of money or compensation one consumer is willing to give in order to obtain and receive a good or a service. The expenses incurred in producing and selling the good or the service by the seller is known as cost. The value of the goods and services, however, is the worth of the product and the sole justification of the price. This means that the costumer understands the cost of the product and appreciates its quality and value. Thus, the value or the exchange value is the relative price of the output.

In other occasions, price is also the amount of money or compensation requested by the seller of goods and services, which is defined as asking or selling price, while the bid or buying price is the amount of money or compensation offered by the buyer of the goods and services. However, price doesn’t always mean money. Sometimes, one consumer can receive goods and services in exchange of...

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