Pricing Unit Review

Question 1

Product in high demand, and supply is limited -- price will be...

Accepted Answer

high

Question 2

Company's percentage of total sales in relation to the total market that they participate in?

Accepted Answer

market share

Question 3

What is the total income brought in through the sale of goods and services

Accepted Answer

revenue

Question 4

Offering one customer one price and another customer a different price for the same product is

Accepted Answer

price discrimination

Question 5

What would cause a product to have an elastic demand?

Accepted Answer

plenty of substitutions

Question 6

Product in low demand and supply is plenty – price will be

Accepted Answer

low

Question 7

This is the value placed on the goods or services being exchanged.

Accepted Answer

price

Question 8

Two common pricing objectives involve increasing profits and improving

Accepted Answer

market share

Question 9

What is retail price for a product that costs $67 and has markup percent of 25%?

Accepted Answer

$83.75

Question 10

What is the legislative law which prohibits companies from price discrimination?

Accepted Answer

Clayton Anti-trust Act

Questions 10