​Janice Is Starting a New Business and Is Confused About

question 178

Multiple Choice

​Janice is starting a new business and is confused about how to determine the price to set for her product. She comes to you for advice and you tell her, correctly, that the two factors that determine the price at which a product will sell are

• A)​the market and the awareness that costs and expected sales can be used only to establish a price floor.
• B)​the market and status-quo.
• C)​the cost of production and maximum price that can be charged.
• D)​the competition price point and product demand.

---

Definitions:

Technical Knowledge

Understanding of the practical aspects of a specific field, including the ability to apply relevant skills and expertise.

Request For Proposal

A formal document that an organization posts to solicit bids from potential vendors for a project or service.

Training Expert

An individual with specialized knowledge and skills in designing, implementing, and evaluating training programs to enhance employee performance.