He may control raw materials, semi finished products, finished products; his operations may extend all the way to the consumer. He may take a profit at one point in this line and sacrifice it at another. Once a price structure is set, it has all sorts of interrelationships which are difficult to modify; nevertheless, it may have to be modified, both generally and in detail, because of technological changes, changes in cost, changes in demand. The kind of price that is set by the seller in the hope that it will have some degree of permanency but nevertheless will not be completely under his control, since conditions may force him to modify it, is not primarily either a competitive price or a monopoly price or any simple cross between the two. It is an administered price. The modem industrial manager has to make admini istrative decisions about things other than prices which have an important effect on the economy as a whole. Under the stress of collective bargaining, he decides about wages, hours of work, and other elements of labor cost.
New SHEREE J. WILSON STYLE
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