Question

What is the first thing that business owners must consider when determining the price of their goods?
(1 point)
Responses
the costs associated with purchasing the finished product from the manufacturer including all shipping and packaging
the costs associated with purchasing the finished product from the manufacturer including all shipping and packaging
the average income of consumers most likely to buy their product
the average income of consumers most likely to buy their product
how much money they hope to bring in as a profit annually
how much money they hope to bring in as a profit annually
what price point the items closest to their item on the store shelves will be

Answer 1

The first thing that business owners must consider when determining the price of their goods is **the costs associated with purchasing the finished product from the manufacturer including all shipping and packaging.** This is critical as it helps establish the minimum price at which they can sell the product without incurring losses.