An Approach to Pricing in Which Two Charges Are Determined

question 79

Multiple Choice

An approach to pricing in which two charges are determined, one charge for labour used on the job and another charge for the materials used on the job, is called:

• A) time and material pricing.
• B) variable cost pricing.
• C) competitive bidding.
• D) absorption cost pricing.

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Definitions:

Probability Distribution

An equation in mathematics that predicts the probabilities of distinct possible occurrences during an experiment.

Daily Sales

The total quantity or amount of products sold or transactions made in one day.

Registered Voters

Individuals who have completed the necessary procedures to be eligible to vote in an election.

Random Sample

A subset of individuals chosen from a larger set, where each individual is selected randomly and entirely by chance, ensuring that every subset of the population has an equal probability of being chosen.