Pricing Module

Price is the amount of money a customer is willing to pay for a product.

• True

• False

Price is not the element of the marketing mix that helps a business to earn revenue.

• True

• False

Businesses in a competitive market might have to charge similar prices to their competitors.

• True

• False

Setting the correct price is important because of the

• Demand

• Quality

• Value

• All of the above

What does the elasticity of demand measures?

• How the changes in prices affect global economy.

• How customers react to changes in prices.

• How customers react to changes in quality.

The reason why Chevrolet cars are very elastic is because...

• They can be easily replaced by other cars

• No matter the price, people will always choose chevrolet

• Infomation not given.

Some factors that affect price elasticity are...

• The number of subtitutes and how dependant you are on the good.

• The number of customers and producers of the good.

• How dependant you are and the quality of the good.

Gasoline is inelastic on the short and the long run because...

• It is very expensive.

• We depend on oil to make it.

• There are very few subtitutes to gasoline.

The value of money placed on a good or service is ________.

• Cost

• Price

• Strategy

• Crypto

The price a business charges establishes and maintains their __________.

• Costs and expenses

• Ability to manipulate elastic and inelastic demand

• Image, competitive edge, and profits

• Ability to control competition