Question 1: In most cases, prices are set by the
A. competitive market
B. customers
C. selling company
D. largest competitor
Question 2: Prices are set by the competitive market when
A. there are no other producers capable of manufacturing a similar item
B. the product is specially made for a customer
C. a product is not easily distinguished from competing products
D. a company can effectively differentiate its product from others
Question 3: A company must price its product to cover its costs and earn a reasonable profit in
A. its early years
B. all cases
C. the short run
D. the long run