When setting prices, a company need not consider whether it is a price-taker or a price-setter for each product that it sells.

Question

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A company should consider whether it is a price-taker or a price-setter for each product it sells as this can impact the pricing strategy and approach. If the company is a price-taker, it may need to adjust prices in response to market conditions, while a price-setter has more control over setting prices based on factors such as production costs, perceived value, and competition.

When Setting Prices, a Company Need Not Consider Whether It