When Setting Professional Fees,which of the Following Should LEAST Likely

question 47

Multiple Choice

When setting professional fees,which of the following should LEAST likely be considered?

• A)professional experience
• B)exclusivity of skills
• C)number of channels
• D)value to clients
• E)target market

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Definitions:

Demand Curve

A graphical representation of the relationship between the price of a good and the quantity demanded by consumers.

Price Elasticity

A measure of how much the quantity demanded of a good responds to a change in its price, with higher elasticity indicating greater sensitivity.

Elastic

Describes demand that is highly responsive to changes in price, where a small price change leads to a large change in quantity demanded.

Inelastic

Describes a scenario where the demand or supply of a good or service is not significantly changed when the price of that good or service changes.