George and Alice Renfro Decided to Start a Family Business

George and Alice Renfro decided to start a family business in 1990 to produce chowchow, a Southern regional food. To determine how they would price the chowchow, the Renfros had to examine (1) the demand for the product and the cost to distribute the product to area grocery stores. For the Renfros, Step 1 of their price-setting process consists of

A) identifying pricing constraints.
B) estimating break-even points and revenue points.
C) setting the list price.
D) selecting an approximate price level.
E) determining cost, volume, and profit relationships.