Just what, exactly, is a fair price?

Just what, exactly, is a fair price?
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answer:“fair” would be price that takes both the consumer and the producer into account abc company makes widges and has a 400% markup, xyz company makes the same widget and has a 150% markup, his costs are covered and he makes a profit, but isn’t greedy and continues to sell his widges xyz company has a ‘fair’ price that gives the overall public access to his widges AND still earns him a profit
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