Mid Unit 5 Review_M2

If Gavin's Baseball Bats sells 15% of all baseball bats in Tennessee, 15% is the company's...

• Market percentage

• Market share

• Profit

• Market amount

To understand pricing, you must understand _______, which is the satisfaction placed on a product.

• Profit

• Price

• Satisfaction

• Value

A company's profit is the same as its return on investment.

• True

• False

The more unusual a product is perceived, the greater the freedom to set higher prices.

• True

• False

What law prohibits companies from selling products at very low prices?

• Robinson Patman

• Federal Trade Act

• Unfair Trade Practice Law

• Hershey Rules

If insulin prices increase, people will still pay. Their continued demand for insulin is...

• Inelastic

• Elastic

When sales revenue equals the total cost and expenses of making and distributing a product

• ROI

• Profit

• Cost of Goods

• Break Even Point

Price can help define a company's image.

• True

• False

Change in price has little effect on demand for products with...

• Elastic demand

• Inelastic demand

Caylee's Candles increases their prices, and she loses customers. Candles have what type of demand?

• Elastic

• Inelastic