SEM - Chpt 8 - Review

Producers of sports and entertainment events ___.

• want to earn a profit

• are willing to invest their time, money, an materials

• have limited resources for their productions

• all of these

Producers have limited resources to use in the production of products and events. This is referred to as ____.

• the law of demand

• the law of supply

• scarcity

• equilibrium

Antitrust laws have been enacted to ___.

• discourage competition

• avoid monopolies

• allow one or two businesses to control the entire market

• allow government to control businesses

Valid reasons for price discrimination could include ____.

• differences in distribution costs to different locations

• volume of sales

• changing market conditions

• all of these

All of the following are examples of promotional pricing except ___.

• 100% markup on new merchandise

• 50-percent off sale

• buy-one-get-the-second-item-half-price sale

• no interest for 12 months

A(n) ___ policy allows consumers to negotiate prices.

• flexible pricing

• one-price

• promotional pricing

• psychological pricing

The first step in determining the price for good and services is to ____.

• study the competition

• estimate consumer demand for the product or service

• determine the cost of the product or service

• establish price objectives

The ____ is the highest point of growth in the economy.

• shoulder

• recession

• peak

• inflation

During the expansion phase of the business cycle, there is ___.

• growing unemployment

• less discretionary income

• decreased competition

• increased consumer demand

Which of the following is NOT a socio-cultural issue?

• customer spending power

• customer attitudes

• customer lifestyles

• customer opinions