Costs are frequently used as a basis for price determination largely because they are easily measured and provide a floor under which prices cannot go in the long term.

Name: Costs are frequently used as a basis for price determination largely because they are easily measured and provide a floor under which prices cannot go in the long term.
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Question

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Costs are commonly used to determine prices because they provide a minimum price that covers expenses and ensures profitability in the long term.

Costs Are Frequently Used as a Basis for Price Determination