A Firm That Considers Costs and Revenue Secondary to Competitors

question 187

True/False

A firm that considers costs and revenue secondary to competitors' prices when setting its own prices is using a competition-based pricing strategy.

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Definitions:

Condense

In mathematics, to simplify an expression or equation by combining like terms or using algebraic methods to make it more compact.

Solve

To find the value or values of the variables that satisfy an equation, inequality, or a system of equations.

Equation

A mathematical statement that asserts the equality of two expressions, usually denoted by the sign =.

Calculator

An electronic or mechanical device used for performing mathematical calculations.