Honors Chapter 14

Front

Which of the following is NOT one of the 5 "C"s of Pricing? Customers, Cost, Company Objectives, Collaboration

Back

Collaboration

Front

Profit orientation focuses on: target profit pricing, maximizing profits, and target return pricing.

Back

True

Front

Price elasticity of demand measures how changes in a price affect the quantity of the product demanded. When the price of a product is insensitive this is means it is:

Back

inelastic

Front

When the price of a product is sensitive, this means it is:

Back

elastic

Front

A product that is typically considered inelastic is: milk, T-bone steak, gourmet chocolate, caviar

Back

milk

Front

Costs that vary with production volume.

Back

Variable

Front

Costs that remain the same regardless of production volume.

Back

Fixed Costs

Front

Total costs = Variable Costs x Fixed Costs

Back

False

Front

The point at which the number of units sold generates just enough revenue to equal the total costs.

Back

Break-Even Point

Front

Which type of competition has: the greatest price competition with many firms in the marketplace?

Back

Pure