Ch. 11.2 Question Preview (ID: 46132)


Vocabulary. TEACHERS: click here for quick copy question ID numbers.

Occurs when a company sells the same product to different customers at different prices based on personal characteristics of the customers.
a) price discrimination
b) bait and switch
c) price gouging
d) predatory pricing

Practice of advertising one product with the intent of persuading customers to buy a more expensive item when they arrive in the store.
a) bait and switch
b) price gouging
c) deceptive pricing
d) predatory pricing

Pricing techniques that create an image of a product and entice customers to buy.
a) psychological pricing
b) predatory pricing
c) deceptive pricing
d) price gouging

General price at which the company expects to sell a product.
a) base price
b) price floor
c) price ceiling
d) selling price

Amount added to the cost of a product to determine the selling price.
a) markup
b) loss leader
c) base price
d) price ceiling

Point at which revenue from sales equals the costs.
a) break-even point
b) base price
c) markup
d) price floor

Goals defined in the business and marketing plans for the overall pricing policies of the company.
a) pricing objectives
b) psychological pricing
c) deceptive pricing
d) price selling

Price recommended by the manufacturer.
a) manufacturer's suggested retail price (MSRP)
b) list price
c) selling price
d) base price

Established price printed in a catalog, on a price tag, or on a price list.
a) list price
b) value proposition
c) selling price
d) price

Actual price customers pay for a product after any discounts or coupons are deducted.
a) selling price
b) list price
c) markup
d) price

Explains the value of a certain product over others that are similar.
a) value proposition
b) selling price
c) break-even point
d) pricing objectives

Amount of money requested or exchanged for a product.
a) price
b) list price
c) selling price
d) break-even point

Pricing products in a way that intentionally misleads customers.
a) deceptive pricing
b) predatory pricing
c) price ceiling
d) price gouging

Setting very low prices to remove the competition.
a) predatory pricing
b) price gouging
c) deceptive pricing
d) price ceiling

Pricing an item much lower than the current market price of the cost of acquiring the product.
a) loss leader
b) price floor
c) price gouging
d) base price

Raising prices on certain kinds of goods to an excessively high level during an emergency.
a) price gouging
b) deceptive pricing
c) predatory pricing
d) psychological pricing

Maximum price set by the government for certain goods and services that it thinks are priced too high.
a) price ceiling
b) price floor
c) loss leader
d) markup

Minimum price set by the government for certain goods and services it believes are priced too low.
a) price floor
b) price ceiling
c) base price
d) selling price

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