Cost Accounting A Managerial Emphasis Study Set 1
Quiz 12: Pricing Decisions, Product Profitability Decisions, and Cost Management
When Prices Are Set in a Competitive Marketplace, Product Costs
When prices are set in a competitive marketplace, product costs are the most important influence on pricing decisions.
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Companies that produce high quality products do not have to pay attention to the actions of their competitors.
Relevant costs for pricing decisions include manufacturing costs, but not costs from other value-chain functions.
Profit margins are often set to earn a reasonable return on investment for short-term pricing decisions, but not long-term pricing decisions.
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