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Marketing - Chapter 25 - Price Planning
Test Description: Review
Instructions: Answer all questions to get your test result.
1) All of the following are key market factors that must be considered when establishing prices EXCEPT
A
value of the dollar
B
supply and demand
C
competition
D
costs and expenses
2) The degree to which demand for a product is affected by its price is called ________.
A
elastic demand
B
supply and demand
C
demand elasticity
D
inelastic demand
3) Some consumers equate quality with price.
A
True
B
False
4) When a person is at a vacation resort where the only food service available is the food at the resort, prices will most likely be higher than normal because
A
the food service would be classified as a luxury.
B
the law of diminishing returns says so.
C
all consumers are brand loyal.
D
the demand is inelastic because of the lack of substitutes.
5) The Sherman Antitrust Act of 1890 outlawed price fixing in order to prevent ___________.
A
high prices
B
more competition
C
monopolies
D
low prices
6) Return on investment (ROI) is a calculation used to determine ________.
A
price
B
costs and expenses
C
profitability
D
demand elasticity
7) The _________ is when sales revenue equals the costs and expenses of making and distributing a product.
A
elastic demand
B
return on investment (ROI)
C
inelastic demand
D
break-even point
8) _____________ occurs when competitors agree on certain price ranges within which they set their own prices.
A
Price fixing
B
Unit pricing
C
Price advertising
D
Price discrimination
9) LeBlanc's Supermarket sells its gallon of whole milk at $4.59 each. It costs that much to make the gallon of milk but that is an item that will get people in the store and they will in turn buy other things. This concept is known as _______.
A
price discrimination
B
loss leader
C
price fixing
D
unit pricing
10) Which of the following product falls into the category of elastic demand?
A
medicine
B
steak
C
loaf of bread
D
milk
11) I am comparing prices between cereals. Cereal A costs $.10 an ounce and Cereal B costs $.14 an ounce. This is know as ___________.
A
unit pricing
B
price fixing
C
price functioning
D
price discrimination
12) __________ is a firm's percentage of the total sales volume generated by all competitors in a given market.
A
Market position
B
Market share
C
Cost of goods sold
D
Profit
13) Attracting customers with prestige, service, or quality is known as __________.
A
elastic demand
B
non-price competition
C
price competition
D
inelastic demand
14) _____________ occurs when a firm charges different prices to similar customers in similar situations.
A
False advertising
B
Minimum pricing
C
Price discrimination
D
Price fixing
*select an answer for all questions
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