Marketing - Chapter 25 - Price Planning: Question Preview (ID: 21872)

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I am comparing prices between cereals. Cereal A costs $.10 an ounce and Cereal B costs $.14 an ounce. This is know as ___________.
a) price discrimination
b) unit pricing
c) price fixing
d) price functioning

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.

_____________ occurs when a firm charges different prices to similar customers in similar situations.
a) Minimum pricing
b) Price fixing
c) Price discrimination
d) False advertising

Attracting customers with prestige, service, or quality is known as __________.
a) price competition
b) non-price competition
c) elastic demand
d) inelastic demand

__________ 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) Profit
d) Cost of goods sold

The _________ is when sales revenue equals the costs and expenses of making and distributing a product.
a) return on investment (ROI)
b) elastic demand
c) inelastic demand
d) break-even point

_____________ occurs when competitors agree on certain price ranges within which they set their own prices.
a) Price fixing
b) Price discrimination
c) Unit pricing
d) Price advertising

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 fixing
b) price discrimination
c) loss leader
d) unit pricing

Which of the following product falls into the category of elastic demand?
a) steak
b) loaf of bread
c) milk
d) medicine

Return on investment (ROI) is a calculation used to determine ________.
a) price
b) profitability
c) costs and expenses
d) demand elasticity

The Sherman Antitrust Act of 1890 outlawed price fixing in order to prevent ___________.
a) monopolies
b) high prices
c) low prices
d) more competition

All of the following are key market factors that must be considered when establishing prices EXCEPT
a) costs and expenses
b) supply and demand
c) competition
d) value of the dollar

The degree to which demand for a product is affected by its price is called ________.
a) supply and demand
b) demand elasticity
c) elastic demand
d) inelastic demand

Some consumers equate quality with price.
a) True
b) False

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