Which of the Following Statements Regarding Price Is/are True

question 42

Multiple Choice

Which of the following statements regarding price is/are true?
i. Prices are determined by the market, subject to the constraint that costs must be covered in the long run.
ii. Prices are based on costs, subject to the constraint that customers and competitors will exert an influence.
ii. A balance of market forces and cost is important when making pricing decisions.

• A) i
• B) ii
• C) ii and iii
• D) All of the given answers

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