honors accounting ch.5

yes

If supply increases

Prices decreases

When supply decreases or demand increases

Prices increase

Setting a low introductory price and then later increase the price once established in the market

Penetrating pricing

Setting a high introductory price and then later a lower price

Skimming pricing

Selling below your costs in order to drive out the competition; illegal

Predatory pricing

An example of skimming pricing

iPhones

An example of monopoly companies

Comed

An example of oligopoly companies

Mobil Oil

An example of pure competition

agricultural industry

An example of monopolistic competition

Apple vs. Dell

Companies add __________ to the cost of their product to make sure they make a profit

markup

Selling prices are influenced by these four...

competition, customers, costs and legal/social issues

Target pricing factors

price is based on surveys, markup is enough to satisfy stockholders, and determine to target cost to see if product can be made for that amount

Federal Income Tax and Union Dues

paid by employee

paid by employee

State Income Tax

paid by both employee and employer

Social Security

paid by the employer

unemployment taxes