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2. What is meant by Cost-plus Pricing

  • This is the method of pricing which considers the toal cost per unit and then adds on a percentage to arrive at a final price.
  • For example selling a product at £49.99 instead of £50 makes customers think of it as less than £50

3. Which one of these is a non profit motive for becoming an entrepreneur

  • Being self satisfied
  • making profit
  • getting respect

4. What is a definition of leadership

  • being able to manage employees effectively
  • the process of influencing others to work willing towards an organisation's goals
  • being able to manage a team successfully to complete a task

5. Which one of these is a non-price factor that would effect demand

  • cost of substitutes
  • Marketing
  • Cost of good itself

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