A practical approach that is frequently used by managers when setting normal long-run prices is
A) the cost-plus approach
B) the economic theory approach
C) the price graph approach
D) price skimming

Question

Quizplus · Accepted Answer

The cost-plus approach is commonly used by managers because it takes into account the cost of production plus a markup to determine the final selling price. This method ensures that the business is covering its costs and making a profit, while still being competitive in the market. It is a practical approach that is easy to understand and implement.

A Practical Approach That Is Frequently Used by Managers When