Respond to "When selling a product or service, one of the main issues that arise is the price point for selling the good or service to the customer. The regulation of prices and the appropriateness of the regulation depends on the type of product or service that is being sold. Price regulation is important because it prevents high prices and taking advantage of customers when they are in times of need or desperation. For example, price regulation is set on items such as utilities and healthcare to prevent overspending and financial hardship for consumers. Setting the price is not only important for consumers, but the company also. Companies that set the price too low can eventually make themselves bankrupt and unable to keep a sustainable profit. However, companies that set the price too high will lose customers and may potentially gain a bad reputation. For items that are considered necessities, price regulation can be a great tool for consumers and companies. For some goods and companies, price regulation is not a good thing. For products that do not have any form of price regulation, the presentation of accurate supply and demand figures may not be available. When prices or rates are set by the government, the price of goods will always be slightly above market price in order to make a profit. If a company charges too much for a good or service, the company is likely to end up with more surplus. When products don't sell, the company does not make money