What Should Be Maximized When Setting the Price for a Product

question 32

Multiple Choice

What should be maximized when setting the price for a product?

• A)Total revenue
• B)Contribution margin per unit
• C)Net income
• D)The number of units of product sold

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Definitions:

Job Content

The specific duties, tasks, and responsibilities that make up an individual's job role.

Acquired Needs Theory

A psychological theory that suggests human needs can be acquired or learned through life experiences.

Need For Power

A psychological drive that expresses itself in the desire to control or influence others.

Felt Positive Equity

A perception by individuals that their ratio of contributions to rewards in a relationship or situation is fair and beneficial compared to others.