A Fair Price

Multiple Choice

A fair price:

A) is based on market conditions, and cost structure has no bearing on the determination of a fair price.
B) is the lowest price that ensures a continuous supply of the proper quality where and when needed and at which the supplier makes a reasonable profit.
C) is based on the cost to produce an item or service without consideration for the supplier's profit margin.
D) is an amount arrived at through negotiations where the seller's price is a starting point..
E) is when all sellers of equal goods or services receive the same per unit price.