Module 03 course project – market structure classification
The price and quantity of the Apple iPhone 6 Plus are determined by a variety of factors, including market demand, supply availability, production costs, potential profits, competitor prices and marketing strategies. For example, if there is high demand for a product like the iPhone 6 Plus but limited supply then this could drive up prices due to people’s willingness to pay more for it.
Additionally, the cost of components used in manufacturing the phone will also influence pricing decisions (i.e., display screens or battery packs). Finally, Apple may use promotional campaigns or discounts to lure customers into purchasing their products which can affect both how much people are willing to pay as well as how many units they buy.
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