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A firm is not a monopoly supplier. Because of this, it charges a lower price than the value of the good because it knows the customer captures some of the value as a consumer surplus.

What is a desired outcome of flexible manufacturing technology?

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Please sign into https://myap.collegeboard.org/login  to access your resources.  You can also log in at:  https://apcentral.collegeboard.org/ Please complete the AP Classroom T1 FRQ while being proctored by Honorlock There are two FRQs.  Write your answers on a sheet of paper to both questions and upload. Do NOT submit your answers in AP Classroom. OMIT PARTS B AND E FROM THE SECOND FRQ. ***If you do not see the quiz, you may have to go to “Resources & Assignments” Then choose “Assigned Resources”

There are a variety of pricing strategies available to firms.  For example, firms selling perishable goods – such as a produce shop – might want to make sure all the inventory is sold.  This firm would likely have a

Breakeven analysis is an effective tool for marketers in assessing the sales required for covering costs and achieving specified profit levels.

In the absence of other cues, price is an important indicator of a product’s quality to prospective purchasers.

The price elasticity of demand (or elasticity of demand) is the percentage change in the quantity of a good or service demanded divided by the percentage change in its price.