When Pricing Products,it Is Important to Remember That

question 140

Multiple Choice

When pricing products,it is important to remember that:

• A)there is an ideal price that customers will pay for a given product or service.
• B)once the acceptable price range is found,prices should not be changed again.
• C)pricing is more an intuitive than a quantitative process.
• D)a customer orientation in price setting is most important.

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Definitions:

Imports

Goods and services bought by residents of a country from other countries.

Opportunity Costs

The loss incurred by not opting for the alternative that stands as the next best choice during decision-making.

Specialization

The process of focusing resources on a limited range of goods or services to gain efficiency or quality advantages.

Comparative Advantage

The capability of an entity to generate a specific product or offer a service with lesser marginal and opportunity costs compared to others.