When an Organization Sets a Number of Prices for Selected

question 87

Multiple Choice

When an organization sets a number of prices for selected groups of merchandise, this is commonly referred to as

• A)reference pricing.
• B)price lining.
• C)customary pricing.
• D)odd-number pricing.
• E)ethical pricing.

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Definitions:

Labour Cost

The total expenditure incurred by employers to compensate their employees, including wages, benefits, and payroll taxes.

Labour Rate

The amount of money that is paid for a specific quantity of labor, often referred to as the wage rate.

Labour Hours

The total hours worked by employees in the production of goods or delivery of services.

Cash Balance

The total amount of cash or cash equivalents a company or individual has available at any given time.