Answer:
option D) While managers must understand how output prices are determined, determination of input prices is irrelevant because it is beyond the manager's control.
Explanation:
A price system is simply defined as a part of any economic system. It uses prices usually expressed in monetary form for goods and services valuation and distribution and also the factors of production.
A Pricing Manager helps to determine pricing schemes for firms products and services. The scope of work entailss co-ordination with production departments on cost of making and working with staff in marketing especially on appropriate campaigns and promotions and also they assist with pricing bargaining of customers intent.
Price Determination is getting or deriving the cost of goods sold and services offered/ rendered in the free market. The forces of demand and supply always determine the prices of goods and services in the market system.
Monetarism in the AD-AS framework suggests that a decrease in velocity produces a leftward shift of the AD curve
<h3>What is
AD curve?</h3>
An aggregate demand curve (AD) depicts the relationship between total output demanded (measured in real GDP) and price level (measured as the implicit price deflator).
An aggregate demand curve depicts total domestic spending on goods and services at each price level. An example aggregate demand curve is shown below. The horizontal axis represents real GDP, and the vertical axis represents price level, as in an aggregate supply curve.
As aggregate demand components—consumption spending, investment spending, government spending, and spending on exports minus imports—increase, the aggregate demand curve, or AD curve, shifts to the right. As these components fall, the AD curve will shift back to the left.
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The answer to this question is: Maximum buying price and Price paid
Maximum buying price refers to the largest amont that consumers are willing to pay to obtain a certain product.
Price refers to the total resource that the consumers have spent to obtain a certain product. Comparing this two factors will result in the amount that indicates the consumer's surplus
