All of the following are commonly recognized promotion budget formal EXCEPT ?
Correct answer: B. the LIFO method
- A. the affordable method
- B. the LIFO method
- C. the percentage of sales method
- D. the objective and task method
Explanation
Common promotion-budget methods include the affordable method, percentage-of-sales method and objective-and-task method, along with competitive-parity budgeting. LIFO is an inventory valuation method, not a promotion budgeting method.
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Individual consumers, firms and markets are examined through demand and supply, elasticity, consumer choice, production, costs, revenue and the determination of prices and output. The topic also covers market structures such as perfect competition, monopoly and oligopoly, plus market failure, externalities and the distinction between microeconomic decisions and economy-wide outcomes.
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