Entrepreneurship Chapter 11 Review: Question Preview (ID: 5323)

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Determining a price strategy involves which of the following?
a) selecting a basic approach to pricing
b) all of the above
c) choosing an introductory price
d) determining a pricing policy

To increase profits on individual sales, one can increase
a) prices
b) demand
c) discounts
d) revenue

Uses odd prices to suggest bargains and even prices to suggest higher quality.
a) promotional pricing
b) price lining
c) prestige pricing
d) odd/even pricing

If the demand for a product is high and supply is low, you can command a
a) low price
b) markdown price
c) high price
d) discount price

These costs are subject to change depending on the number of units sold.
a) variable costs
b) markdown prices
c) market prices
d) fixed costs

Amount or percentage by which a business lowers its original prices in order to move merchandise.
a) break even
b) cost based pricing
c) markup
d) markdown

This pricing strategy dictates that you consider your business costs and your profit objectives
a) competition based pricing
b) cost based pricing
c) basici pricing
d) demand based pricing

A pricing policy that allows a customer to bargain for price.
a) flexible price
b) competition based
c) cost based
d) one price

This term is the number of units of a product that,when sold at a given price, covers production and distribution costs.
a) mark up
b) discount
c) break even point
d) markdown

Pricing technique based on the belief that customers base perception of a product on price.
a) psychological pricing
b) price lining
c) discount pricing
d) prestige pricing

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