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"Discuss the main factors that determine product prices in the UK" In order to give a comprehensive answer to this question, it's relevant, first of all, to discuss pricing in theory. According to standard price theory, the firm's price depends on market structure and firm's objective. As there's a wide range of different objectives, firms may follow such objectives as profit maximisation, sales-revenue maximisation, which would usually lead to a lower price contrary to profit maximisation, more complicated as non-maximising objectives etc, while the price of firms will definitely vary according to firms' objectives. Also, the price will tend to differ from firm to firm depending on the type of market within which those firms operate. As there's a wide variety of possible combinations of these, such as monopoly, perfect competition (PC), oligopoly etc. and wide variety of firms' objectives, any product or service may experience a different range of possible...

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