1. The three common approaches to setting transfer prices include all of the following except the a. market price approach. b. negotiated price c. cost price d. preferred price 2. Using the approach, the transfer price will be the price at which the product or service transferred could be sold to outside buyers. a. market price b. negotiated price c. cost price d. None of these choices are correct. 3. The approach allows the managers to agree among themselves on a transfer price. a. market price b. negotiated price c. cost price d. None of these choices are correct