pricing

_____ is the amount of money charged for a product or service.

• Exchange

• Price

• Wage

• Salary

Price is the only element in the marketing mix that produces _____.

• revenue

• expense

• cost

• variable cost

Costs that do not vary with production or sales level are referred to as _____.

• fixed cost

• variable cost

• target cost

• total cost

Under _____, the market consists of many buyers and sellers trading in a uniform commodity such as wheat, butter, or milk.

• pure competition

• monopolistic competition

• pure monopoly

• oligopoly

When companies set prices, the government and social concerns are two _____ affecting pricing decisions.

• external factors

• internal factors

• demand curve

• cost

Product costs set a(n) _____ to the price.

• ceiling

• floor

• break even cost

• demand curve

Consumer perceptions of the product’s value set the _____.

• floor

• ceiling

• demand curve

• image

Lawyers, accountants, and other professionals typically price by adding a standard markup for profit. This is known as _____.

• value-based pricing

• cost- plus pricing

• break even pricing

• variable cost

Value-based pricing is the reverse process of what?

• cost-based price

• cost-plus pricing

• every day low price

• high low pricing

Which of the following is an example of everyday low pricing (EDLP)?

• A store that sells all items at a constant low price throughout the year
  

• A retailer that charges high prices but runs frequent seasonal sales

• A company that adds extra features to justify a higher price

• A restaurant that charges different prices on weekends