World-Class Organizations Operating in Competitive Markets Are More Likely to Take

question 13

Multiple Choice

World-class organizations operating in competitive markets are more likely to take which one of the following approaches toward pricing?

• A)Begin with cost data as given and determine price by adding a reasonable mark-up.
• B)Determine price based on the amount management believes customers are willing to pay.
• C)Employ a cost-based approach to pricing.
• D)Determine the price that keeps the facilities fully utilized.

---

Definitions:

Derived Class

A class in object-oriented programming that inherits properties, methods, and behaviors from another class, known as the base or parent class.

Instance Variables

Variables defined in a class for which each instantiated object of the class has a separate copy, or instance.

Code Reuse

The practice in software development of using existing code for a new function or a different purpose to increase productivity and improve quality.

Super Class

In object-oriented programming, the class from which a subclass inherits properties and methods.