Companies that sell products whose prices are set by market forces are called
a) price takers.
b) price givers.
c) price leaders.
d) price setters.
Answer: a) price takers.
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Adjusting entries are recorded at the end of each accounting period so that net income is accurately reflected in the financial statements for the period
a. True b. False Indicate whether the statement is true or false
Regarding the major trading partners of the United States
A. the top 10 accounted for nearly 50 percent of total U.S. goods imports. B. China, Canada, and Japan were the three largest sources of U.S. goods imports. C. China, Canada, and Mexico were the three largest markets for U.S. goods exports. D. the top 10 accounted for nearly 50 percent of total U.S. goods exports. E. China was the largest recipient of U.S. goods exports.
Which of the following is NOT a true statement about communication strategy?
A. It is the most visible piece of a public relations program. B. It deals with message delivery channels. C. It makes up the main thrust of a public relations program. D. It supports the organization's action strategy. E. It deals with message content.
Aerotoy Company makes toy airplanes. One plane is an excellent replica of a 737; it sells for $5. Vacation Airlines wants to purchase 12,000 planes at $1.75 each to give to children flying unaccompanied. Costs per plane are as follows: Direct materials $1.00 Direct labor 0.50 Variable overhead 0.10 Fixed overhead 0.90 No variable marketing costs would be incurred. The company is operating
significantly below the maximum productive capacity. No fixed costs are avoidable. However, Vacation Airlines wants its own logo and colors on the planes. The cost of the decals is $0.01 per plane and a special machine costing $1,500 would be required to affix the decals. After the order is complete, the machine would be scrapped. Should the special order be accepted? A) Yes, income will increase by $300 B) Yes, income will increase by $180 C) No, income will decrease by $1,500 D) No, income will decrease by $180 E) It doesn't matter, there will be no change in income