Which of the following statements regarding price is/are true?
i. Prices are determined by the market, subject to the constraint that costs must be covered in the long run.
ii. Prices are based on costs, subject to the constraint that customers and competitors will exert an influence.
ii. A balance of market forces and cost is important when making pricing decisions.

Question

Quizplus · Accepted Answer

All statements are true regarding price. Prices are influenced by market forces, costs, customer expectations, and competitor pricing, requiring a balance of these factors for effective pricing decisions.

Which of the Following Statements Regarding Price Is/are True