Consider the following statements about pricing:I. Prices are often determined by the market, subject to the constraint that costs must be covered in the long run.
II. Prices are often based on costs, subject to the constraint that customers and competitors will exert an influence.
III. A balance of market forces and cost is important when making pricing decisions.
Which of the above statements is (are) true?
A. I, II, and III.
B. I only.
C. II and III.
D. II only.
E. I and III.
Answer: A
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