stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Price Concepts :Marketing Class Flashcards | StudBud
Explore
/
Price Concepts :Marketing Class
Price Concepts :Marketing Class
9 terms
·
StudBud Administration
A project I was forced to do for Mr Johnson
Flashcards
9 cards
F
Practice quiz
P
Host live
L
Questions
9
Answers
1
What are your options once knowing the pricing of competitors?
Price below the competition
Don't even bother selling your product
Price above the competition
Price the same as competition
2
Price War: When businesses try to keep lowering the price of a product below their competitors
True
False
3
Minimum Price laws: In the state of WI you are not allowed to sell a product for a loss unless it is being discontinued.
False
True
4
When supply is less than demand..
surplus
disequilibrium
Equillibrium
shortage
5
Sales Maximization does which of the following?
Ignores competition
Ignores marketing environment
Ignores profits
Focuses on profits
6
An example of a fixed cost would be..
food costs for a resturant
rent paid for using a building
electricity bills
wages paid to worker
7
What is Elastic Demand?
A situation where increase in prices will not significantly affect demand
A situation in which consumer demand is sensitive to changes in price.
A situation in which total revenue remains the same when prices change.
8
Law of supply,law of demand and price floors,etc do not affect...
a free market system
a black market
a traditional economy
a command economy
9
When prices are high,firms will
lower the prices to get rid of their inventory
Supply less of the product to encourage buyers
Supply more of the product to increase revenue
stop producing the product
