Chapter 25 Review

Front

A firm's percentage of the total sales volume generated by all competitors in a given market is which of the following?

Back

Market Share

Front

When a product is a necessity, demand tends to be elastic.

Back

False

Front

A calculation that is used to determine the relative profitability of a product is called what?

Back

Return on Investment (ROI)

Front

Is pricing a key factor in the success or failure of a product or service and a business?

Back

True

Front

Which of the following are a form of pricing? Fees, Rent, Wages, All Selections are Correct

Back

All Selections are Correct

Front

Price can be expressed in a non-monetary term, such as a free good or service.

Back

True

Front

What does appropriate pricing accomplish?

Back

Competitive Edge

Front

When Louisville Slugger decided to lower the price for its most expensive baseball bat, they immediately sold 450 bats. This decision by Louisville Slugger helped increase the ____________________ for the entire baseball bat industry.

Back

Market Share

Front

One would consider that Chik Fil A has a very strong ________________________ in the fast food industry.

Back

Market Position

Front

Which of the following happens when the sales revenue equals the costs and expenses of making and distributing a product? Demand Elasticity, Market Share, Price Fixing

Back

Break Even Point