Define the going rate pricing briefly
Define the going rate pricing briefly.
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Going rate pricing:
In this method, prices are maintained at par along with the average level of prices in the industry. That is, in this method a firm charges the prices as per what competitors are charging. Therefore, firm accepting the price prevailing within the industry in order to ignore price war. This method is also termed as parity pricing or acceptance pricing.
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For a firm hiring through a purely competitive labor market, in that case the supply of labor is: (w) greater than the MRC. (x) less than the MRC. (y) the same as the MRC. (z) vertical to parallel the wage rate. Discover Q & A Leading Solution Library Avail More Than 1452057 Solved problems, classrooms assignments, textbook's solutions, for quick Downloads No hassle, Instant Access Start Discovering 18,76,764 1942107 Asked 3,689 Active Tutors 1452057 Questions Answered Start Excelling in your courses, Ask an Expert and get answers for your homework and assignments!! Submit Assignment
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