ceiling, dome, glass @ Pixabay
How much is your product worth? Is it worth the price you are charging?
In order to be a successful business, you need to determine what your price ceiling should be.
A price ceiling will result in a shortage only if the ceiling price is.
For example, more than consumers are willing or able to pay.
If this happens and there’s no competition in the market then there may not be any competition driving down prices either.
The best thing that you can do as a business owner is taking an educated guess at
1) How much money do I want my company to make?
2) What am I competing against?
“If this happens and there’s no competition in the market then there may not be any competition driving down prices either.”
That way we are able to flow more naturally into the next paragraph.
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