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BUS 2010 Introduction to Marketing Chapter 9 Questions and Answers Rated A.
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BUS 2010 Introduction to Marketing Chapter 9 Questions and Answers Rated A.
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BUS 2010 Introduction toMarketing Chapter 9 Questions
and Answers Rated A.
When demand hardly changes with a small change in the price of a
product, the demand for the product is best described as ________.
Correct Answer -inelastic
Which of the following is an economic factor that affects the pricing
decisions of a company?
Correct Answer -interest rates
Price elasticity is a measure of the sensitivity of demand to changes in
price.
Correct Answer -True
In monopolistic competition, the market is dominated by one seller.
Correct Answer -False
Under oligopolistic competition, the market consists of only a few large
sellers.
Correct Answer -True
The demand curve shows the number of units the market will buy in a
given time period at similar prices.
Correct Answer -False
, There is no true substitute for coffee. If the price goes from $8 to $12 for a
package of k-cups due to a coffee bean shortage, demand will remain
relatively unchanged. This is an example of demand elasticity.
Correct Answer -False
If demand is elastic rather than inelastic, sellers typically consider
increasing their prices.
Correct Answer -False
Pricing strategies usually remain the same as a product passes through its
life cycle.
Correct Answer -False
With each new generation of Apple iPhone, iPad, or Mac computer, new
models start at a high price then work their way down as newer models
are introduced. Apple initially uses a ________ strategy.
Correct Answer -Market-skimming
The first Target store opened in 1962. Its initial strategy was to set prices
low to attract a large number of buyers quickly and win a large market
share. This is referred to as ________.
Correct Answer -market-penetration pricing
Which of the following conditions is most likely essential for
implementing a successful market-skimming pricing strategy for a
product?
Correct Answer -The product's quality and image support its high price.
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