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maksim [4K]
3 years ago
7

Setting prices for products and services requires entrepreneurs to balance a multitude of complex forces as entrepreneurs determ

ine prices for their goods and services that will draw customers and ________.
Business
1 answer:
Kobotan [32]3 years ago
3 0

Answer:

produce a profit

Explanation:

<u>Price</u> refers to the amount of money that is paid by one party to another to acquire a particular commodity or in return for unit of commodities. Some of the factors that determines the price of a commodity include cost of production, product demand, product supply, targeted profit, and among others.

A <u>profit</u> is the amount earned from selling a commodity minus the amount expended to purchase, operate, or produce the commodity.

The primary aim of an entrepreneur is to make a profit, and price setting is one of the important activities that influences a profit. Since the higher the price, the higher may be the profit. However, a higher price may also dicourage customers from buying a product and then reduces profit.

Therefore, setting prices for products and services requires entrepreneurs to balance a multitude of complex forces as entrepreneurs determine prices for their goods and services that will draw customers and <u>produce a profit</u>.

You might be interested in
Jill's parents are concerned because she does not have a job despite graduating from college. Her parents tell her that they got
gtnhenbr [62]

Answer:

Her sociological imagination.

Explanation:

From the question, we were informed about Jill's parents who were concerned because she does not have a job despite graduating from college. Her parents tell her that they got jobs right out of high school, so she should be able to get a job very easily. They conclude that she must be lazy. Jill tells them that they need to consider larger economic trends and changes in technology to understand why she is having trouble finding a job. Jill is using

Her sociological imagination to explain her inability to get a job. The sociological imagination can be regarded as a practice that involved having ability to “think ourselves away” from some of our daily and familiar routines of our lives, so that see them with critical and new eyes, Sociological imagination is ability gotten by individual to focus away from his/her particular situation then think from other point of view or alternative perspective. Sociological imagination can be regarded from other point of view as capacity of individual to shift his/her thought from one perspective to another perspective.

5 0
4 years ago
Big-Mouth Frog Corporation had revenues of $200,000, expenses of $120,000, and dividends of $30,000. When Income Summary is clos
Aleksandr-060686 [28]

Answer:

Credit of $80,000

Explanation:

Big-Mouth Frog Corporation Calculation for Retained earnings

Using this formula

Retained earnings =Revenue- Expenses

Where,

Revenue =$200,000

Expenses =$180,000

Let plug in the formula

Retained earnings =$200,000-$180,000

Retained earnings =$80,000

Therefore when the Income Summary is closed to Retained Earnings, the amount of the credit to Retained Earnings will be $80,000

6 0
3 years ago
______ involves the free flow of products and factors of production between member countries, the adoption of a common external
Ivahew [28]

Answer:

A, an economic Union.

Explanation:

An economic union is a type of trade agreement concerning the same market of commodities, between a group of countries.

The trade agreement usually involves the free flow of the factors of production as well as factors of production.

Also, the agreement means that countries that are a part of the economic union are able to adopt a currency, regulate and harmonize tax rates as well as implement similar policies.

Asides economic union, there are other types of trade agreements and they include, free-trade zones, custom union, etc.

Cheers.

5 0
3 years ago
Read 2 more answers
A restaurant that offers food made exactly to each customer's preference is providing __________ utility.
Ilia_Sergeevich [38]
The answer is form utility
7 0
4 years ago
Goshen Company's contribution format income statement for the most recent month is given below: Sales (42,000 units) $ 1,218,000
scoundrel [369]

Answer:

Sales Revenue        1,218,000 1,218,000

Variable Cost                  852,600 487,200

Contribution margin   365,400 730,800

Fixed Cost                  292,320 657,720

Operating Income            73,080 73,080

Explanation:

Variable cost 852,600 / 42,000 units = 20.3 then - 8.7 for the decrease due to nex equipment = 11.6  Then 11.6 x 42,000 = 487,200

8 0
3 years ago
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