Which factors determine the prices of Ad space on a site?

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One of the ways to monetize a site is through sales of Ad Spaces. Most websites offer Ad spaces for brands to buy and have their services advertised.

In monetizing a site through Ad Space, what are the factors to be considered in determining the price of the Ad space?
 
One of the ways to monetize a site is through sales of Ad Spaces. Most websites offer Ad spaces for brands to buy and have their services advertised.

In monetizing a site through Ad Space, what are the factors to be considered in determining the price of the Ad space?
I think the sole determinant is traffic but not all webmasters use it as parameter to determine the price. It solely depends on the webmaster to define factors he will use in determining the price of the Ad space.
 
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