While the product costs set the lower limits of the price for a product, the upper limit of price which a buyer would be prepared to pay is decided by:

These are the options for the question :While the product costs set the lower limits of the price for a product, the upper limit of price which a buyer would be prepared to pay is decided by:

a. Utility and demand of the product
b. The marketing manager of the firm
c. The Government
d. The competitors of the firm

The correct answer is -(a) Utility and demand of the product