Though Large Firms Have the Knowledge and Resources to Utilize

question 153

Multiple Choice

Though large firms have the knowledge and resources to utilize a better pricing strategy, many choose to use cost-plus pricing.One reason for this is that

• A)large firms do not have to maximize their profits because they face little competition from other firms.
• B)there is less risk of violating antitrust laws if a cost-plus pricing strategy is used rather than a profit-maximizing pricing strategy.
• C)the additional revenue that would result from a profit-maximizing pricing strategy is an insignificant fraction of the firms' revenues.
• D)firms often adjust the markup they charge to reflect current demand.

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Definitions:

Deadweight Loss

The loss of economic efficiency that can occur when equilibrium for a good or a service is not achieved or is not achievable.

Monopoly

A market configuration where there is only one seller offering a distinct product, without any similar alternatives available in the market.

Profit Maximization

The process or strategy employed by a firm to determine the price and output level that leads to the highest profit.

Saints Logo Baseball Hats

Hats adorned with the logo of the Saints, likely referring to a sports team, designed for fans and supporters.