Examlex
What pricing concept is used if all costs are considered and a fair mark-up is added to determine the selling price?
Less Elastic
Less elastic refers to a demand or supply that is relatively unresponsive to changes in price compared to a perfectly elastic curve.
Increase Price
A decision by a supplier or manufacturer to raise the cost at which goods or services are sold.
Complement Good
A product that is used together with another product, where the use of one increases the demand for the other.
Substitute Good
A product or service that can be used in place of another to satisfy the same need or desire.
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