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Spring 2024 Pricing Study Guide

Authored by Kaitlyn Fogle

Business

9th Grade

Spring 2024 Pricing Study Guide
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25 questions

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1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A satisfactory price means:

that the consumer views the purchase as a value

A business makes a profit on the sale

Both a & b

None of the above

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____ establishes and communicates the value of products and services to prospective customers.

Advertising

Promotion

Marketing

Pricing

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

All of the following are goals for pricing EXCEPT

Gaining market share

Getting a high return on investment

Having the lowest prices and profit margins

Pricing competitively

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Pricing is important because it establishes and maintains

Competitive edge

Image

Profits

All of the above

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

____ describes the relationship between changes in a product’s price and the demand for that product.

Utility

Elasticity of Supply

Elasticity of Demand

Economics

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the price of a diabetes medicine jumped from $100 a month to $500 a month, David still purchased the product because it is necessary for his survival. This is an example of

Elasticity of Supply

Inelastic demand

Inelastic Supply

Elasticity of Demand

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Rack Room Shoes advertises that customers can purchase one pair of shoes and get the next pair for $5. The sale is very effective, and inventory is greatly diminished. This is an example of __________.

Elasticity of Supply

Inelastic demand

Inelastic Supply

Elasticity of Demand

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