One Mistake That Entrepreneurs Make Is to Set Their Prices

question 10

Multiple Choice

One mistake that entrepreneurs make is to set their prices so that they cover ____ costs plus a margin the entrepreneur is expecting to achieve. ​

• A)inventory
• B)total
• C)marginal
• D)variable
• E)All of these choices

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Definitions:

Implied Authority

The power assumed by a person that allows them to act for another, even if not explicitly granted.

Apparent Authority

A situation where a person appears to have been given authority to act on behalf of another, even if no actual authority has been granted.

Third Party

An entity or individual not primarily involved in a legal contract or transaction but may be affected by it or have an interest in it.

Actual Authority

The express and implied powers granted to an agent by the principal in a principal-agent relationship.