Key to Setting a Final Price for a Product Is

question 56

Multiple Choice

key to setting a final price for a product is finding an approximate price level to use as a reasonable starting point.Four common approaches to selecting an approximate price level are: (1) demand-oriented; (2) cost-oriented; (3) __________; and (4) competition-oriented approaches.

• A) stakeholder-oriented
• B) revenue-oriented
• C) profit-oriented
• D) distribution-oriented
• E) cause-oriented

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Definitions:

Resources

are assets, materials, or substances that are valuable for their utility in producing goods, providing services, or supporting life.

Esther Duflo

A French-American economist known for her research in development economics and for being the youngest person and the second woman to receive the Nobel Prize in Economic Sciences.

Abhijit Banerjee

An Indian-American economist who, along with Esther Duflo and Michael Kremer, won the Nobel Prize in Economic Sciences in 2019 for their work in development economics.

Extremely Poor

Individuals or households whose income level is significantly below the poverty line, making it difficult to meet basic needs.