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11 Cards in this Set

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price
money or other considerations exchanged for the ownership or use of a good or service
profit equation
profit= total revenue-total cost
demand curve
graph relating quantity sold and price, which shows how many units will be sold at a given price
total revenue
total money recieved from the sale of a product
total cost
total expenses incurred by a firm in producing and marketing a product; total cost is the sub of fixed cost and variable cost
fixed cost
firms expenses that are stable and do not change with the quantity of product that is produced and sold
variable cost
sum of the expenses of the firm that vary directly with the quantity of products that is produced and sold.
unit variable cost
variable cost expressed on a per unit basis
break even analysis
examines the relationship between total revenue and total cost to determine profitability at different levels of output
pricing ovbjectives
expectations that specify the role of price in an organizations marketing and strategic plans
pricing constraints
factors that limit the range of price a firm may set.