Judith Started Her Business in 1995

question 59

Multiple Choice

Judith started her business in 1995.During the years,she sold different products she purchased from distributors and manufacturers.One day,she came up with a new product.She patented the product and got started to sell the product.What should be the objectives of her pricing strategies?

• A)Get the product accepted
• B)Maintain market share as competition grows
• C)Earn a profit
• D)All of the above

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Definitions:

Output Produced

The total quantity or amount of goods and services produced by a business, industry, or economy.

Maximizing Profits

Involves strategies businesses employ to increase their earnings to the highest possible level.

Payment to Labor

Compensation provided to employees in the form of wages, salaries, bonuses, and benefits for their work and services.

Marginal Revenue Product

Marginal Revenue Product (MRP) is the additional revenue generated from employing one more unit of a resource, such as labor or capital.