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Claudia Geer, controller, discusses the pricing of a new product with the sales manager, James...

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Accounting

Claudia Geer, controller, discusses the pricing of a new product with the sales manager, James Nolan. What are the two alternative long-run pricing approaches that Claudia and James must consider in pricing the new product? Discuss briefly which approach would be more appropriate for competitive, less competitive, and non-competitive markets.

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