An Internal Issue to Be Considered When Setting a Price

question 11

Multiple Choice

An internal issue to be considered when setting a price is

• A)whether there is a sole source or heavy competition.
• B)total demand for the product or service.
• C)the quality of material and labor.
• D)the number of competing products or services.

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Definitions:

Negotiation

is the process by which two or more parties discuss and come to an agreement on a specific issue or set of issues.

Agreement

A mutual understanding or arrangement between two or more parties, typically formalized in a contract or verbal commitment.

Acceptable

Considered satisfactory or adequate; meeting the required standards.

Risk-taking

The willingness to engage in actions that can lead to significant gains or losses, embracing the potential for failure as a path to success.