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What accurately describes Adam Smiths concept of the natural price?
The price of any item that is equal to the costs of producing it.
How does market economy determine its price?
Supply of the item and demand by other countries determines the price.
Why is important to know the market price of a product?
It's important to know the market price of a product because then you know what the item is worth. Whether you are buying or selling, if you know the price of the item, you can avoid being cheated by overpaying for items and you can sell your item more easily if it's being sold at a competitive and fair price.
What is a price offer called in a bidding?
A price offer in bidding is called a bid price. Someone bidding on something, like at an auction, can bid on the item, which is called the bid price.
When does the price of an item decrease?
When demand goes down, or when the company is producing too much and flooding the market.
What is a retail tag?
The tag on the item with the price
What is the market price for an item?
depends on which market you shop at
At a store they cut the price 40 for a particular item By what percent must the item be increased if you wanted to sell it at the original price?
An item that has been reduced 40 percent off the retail price will need to be increased by almost 66.7 percent of the sale price to return to the original retail price.
What is the retail price of an item that costs 800.00 and has a 45 percent markup?
45% of 800 is 360 so retail price would be 1160.
If the retail price of an item is 21 and the retail gross profit margin is 33 percent what is the wholesale cost?
14
If I am buying something on sale is it also the retail price?
Yes. The retail price is the price you pay in a retail outlet (shops etc) for an item, as opposed to wholesale price which is what the shopkeeper would pay the supplier or manufacturer for many of the items. The sale price is a discount on the normal price the retailer is giving you. It is, however, still the retail price.
What accurately describes Adam Smiths concept of the natural price?
The price of any item that is equal to the costs of producing it.
If an item has a retail price of $475 and a discount of $45, what percentage discount is offered?
95%
How does market economy determine its price?
Supply of the item and demand by other countries determines the price.
What set price in a free market economy?
The cost of production of an item & its demand set its price
What is lower of cost or market?
is it the price of and item that can be sold at a different price other then what the company bought it for.
Why is important to know the market price of a product?
It's important to know the market price of a product because then you know what the item is worth. Whether you are buying or selling, if you know the price of the item, you can avoid being cheated by overpaying for items and you can sell your item more easily if it's being sold at a competitive and fair price.
