Amy Is Starting a New Business and Is Confused About

question 128

Multiple Choice

Amy is starting a new business and is confused about how to determine the price to set for her product.She comes to you for advice and you tell her,correctly,that the two factors that determine the price at which a product will sell are

• A) the market and the awareness that costs and expected sales can be used only to establish aprice floor.
• B) the market and status-quo.
• C) the cost of production and maximum price that can be charged.
• D) the competition price point and product demand.

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Definitions:

Economic Status

Refers to the position of an individual or group within the societal hierarchy, based on wealth, occupation, education, and other indicators of social and economic power.

Intimate Self-disclosure

The act of revealing personal, private details about oneself to another person in order to create a closer relationship.

Gender Differences

Gender differences refer to the distinctions in characteristics, roles, behaviors, and physical or psychological traits between males and females.

Clique

A group of five to ten individuals who hang around together and who share activities and confidences.