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    Cost Accounting


    40) In most cases, prices are set by the
    A. competitive market
    B. customers
    C. selling company
    D. largest competitor

    41) Prices are set by the competitive market when
    A. there are no other producers capable of manufacturing a similar item
    B. the product is specially made for a customer
    C. a product is not easily distinguished from competing products
    D. a company can effectively differentiate its product from others

    A. its early years
    B. all cases
    C. the short run
    D. the long run


    Solution Preview

    40) C is the right answer. However, it really depends on the situation. In perfect competition prices are set ...

    Solution Summary
