What sets the upper limit on the price that can be charged for a good or service?

What sets the upper limit on the price that can be charged for a good or service?

Answer: Total cost of production of product/service in order to get a minimum. Then the marketer must see if there are other competitors in the market and see what they are pricing for similar products/services. What sets the upper limit on the price is most definite accounted and depended on the willingness to pay from the consumers, and elasticity of the market/product. If inelastic, demand is high so you can set a high price and your customers will still buy and have to pay that price. If consumers demand and need/want is high for a product/service you can set an upper limit on price.