If a firm were to set its price by determining the average cost of an item and then adding some percentage markup to the cost, it would be practicing cost-plus pricing.

Name: If a firm were to set its price by determining the average cost of an item and then adding some percentage markup to the cost, it would be practicing cost-plus pricing.
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Question

Quizplus · Accepted Answer

Cost-plus pricing involves setting the price of a product by calculating the average cost of producing the item and adding some percentage markup to it.

If a Firm Were to Set Its Price by Determining