Modified True or Palue. Write the word TRUE if the statement is correct. Otherwise write the word FALSE and change the underlined word/s to make the statement correct.
1. Product is a source of income and profit. 2. A firm must set a price for the cond time when it develops a new product,
3. In setting prices, it is necessary to modify product specifications downwards until costs are increased sufficiently to produce the desired profit. 4. Examine the range of possible prices within different combinations of the marketing mix, 5. Through marketing, the organization manages to support the cost of production, the cost of distribution, and the cost of promotion, 6. Demand sets a ceiling and costs set a floor to pricing. 7. It is important to examine prices of actual competitors, 8. Determine whether the product can be sold profitably at each price based upon actual sales, 9. Price is the value measured in money term in the part of the transaction between two parties, 10. It's easy to educate consumers to accept high price levels.​