Price setting involves .
setting prices high enough to cover manufacturing costs and make a profit
setting prices with other companies to corner the market
artificially inflating the price of manufactured goods to maximize profits
setting prices low enough to eliminate the competition

Setting prices high enough to cover manufacturing costs and make a profit.

Explanation: The prices of products are influenced by a number of factors, which includes manufacturing costs, the condition of the market presently and the product quality. While setting prices for a products, an organization need to ensure the price set must cover the costs incurred for the production of the products and profits margins. The implication of a product price not covering costs is that, the business will ultimately fail as a result of the exhaust in the organization financial resources. Several strategies are used to determine price of products by organizations, however which ever is adopted must focus on achieving the financial goals of the organization.

cognitive overload: having a lot on your mind impairs decision-making and tends to result in the simplest, but not necessarily best, option being selected.

empathy gaps: overlooking how you might feel in a different situation can result in unnecessary purchases, such as overbuying when shopping for food on an empty stomach.

optimism and overconfidence: wearing rose-tinted glasses and having unrealistic expectations about the future can affect money management and leave you unprepared for a change in circumstance.

instant gratification: seeking instant gratification drives impulsive spending and can undermine long-term planning and savings.

harmful habits: automatic or mindless behaviour can amplify a poor financial decision as it becomes a recurring event.

social norms: we are heavily influenced by the actions of others; while this can be in certain circumstances, it also contributes to the pressure to keep up with the joneses through conspicuous consumption.