An External Issue to Be Considered When Setting a Price

question 38

Multiple Choice

An external issue to be considered when setting a price is

• A)the quality of materials and labor.
• B)total demand for the product or service.
• C)usage of scarce resources.
• D)the variable costs of the product or service.

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Definitions:

Auditor's Opinion

A formal statement by an auditor, after reviewing an organization's financial statements, regarding the fairness and accuracy of those statements.

LLP

A limited liability partnership, a business structure that offers its owners protection from personal liability for debts or legal actions against the business.

Limited Liability Partnerships

A business structure where partners have limited liabilities, protecting each partner's personal assets from the debts and liabilities of the partnership.

Professional Malpractice

Failure by a professional person to provide services with the competent and skillful level of care that is required in their profession, leading to harm or loss.