To set long-run prices,managers calculate the ________ -cost of producing and selling a product.

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Full-cost pricing takes into account all costs, including direct and indirect costs, such as labor, materials, overhead, and other expenses incurred in the production and distribution of a product. By calculating the full cost of producing and selling a product, managers can ensure that their prices cover all costs and allow for a reasonable profit margin in the long run. This approach is more comprehensive than partial or small-cost pricing, which only considers certain costs or variables. Strategic pricing may also be a factor in long-run prices, but it is not the main factor in determining the full cost of production and pricing a product.

To Set Long-Run Prices,managers Calculate the ________ -Cost of Producing