

Pricing Methods and Price Elasticity Flashcard
Flashcard
•
Business
•
11th Grade
•
Practice Problem
•
Hard
Deon Strydom
FREE Resource
Student preview

41 questions
Show all answers
1.
FLASHCARD QUESTION
Front
What is price?
Back
The amount of money producers are willing to sell or consumers are willing to buy for
2.
FLASHCARD QUESTION
Front
What is market skimming?
Back
Setting a high price for a unique product
3.
FLASHCARD QUESTION
Front
What is an advantage of market skimming?
Back
It helps recover research costs
4.
FLASHCARD QUESTION
Front
What is a disadvantage of market skimming?
Back
It may backfire with competitors
5.
FLASHCARD QUESTION
Front
Penetration pricing
Back
Setting a low price to attract customers
6.
FLASHCARD QUESTION
Front
What is an advantage of penetration pricing?
Back
It attracts customers more quickly
7.
FLASHCARD QUESTION
Front
What is a disadvantage of penetration pricing?
Back
Low revenue due to lower prices
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