Final answer:
Sorting apples by size and appearance and pricing them is referred to as 'grading and valuing', implicating both evaluation of the product's quality and determination of its market price.
Step-by-step explanation:
Sorting apples by size and appearance and determining an appropriate price is an example of grading and valuing. This involves evaluating the quality of the apples and then pricing them accordingly. The process of grading involves an assessment of each apple's characteristics, including size and appearance. Determining an appropriate price, or valuing, takes into account these factors to set a price that reflects the quality and market conditions. This approach is fundamental in business transactions as it directly correlates to the revenue generated from the sale of the goods.
Furthermore, conducting a cost/benefit analysis might be useful in this context as it allows one to consider the additional cost of adding one more unit (marginal cost) against the additional benefit derived from the same unit (marginal benefit), ensuring that the pricing strategy is smart and profitable for the business.