Question
QUESTION 38 Most firms in the business world set their prices using: federal price guidelines. demand-oriented...
QUESTION 38 Most firms in the business world set their prices using: federal price guidelines. demand-oriented price setting. cost-oriented price setting. supply and demand analysis. marginal analysis.
Answers
Question: Most firms in the business world set their prices using:
Answer: cost-oriented price setting
Reason: In the business world no firm can make a profit until it covers its costs. For pricing, a product cost is an important factor as it allows the firm to charge the optimum price for the goods through analysis of production costs. These days, to make a profit price must be more than the related costs.
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