Entertainment & Sports Marketing: Price Quiz

________ purchase products to satisfy their wants and needs

• Producers
• Buyers
• Consumers
• Sales Force

Businesses that use resources to develop products and services

• Consumers
• Buyers
• Producers
• Sales Force

Law of demand states that

• When the price goes up, demand goes up
• When the price goes up, demand goes down
• There is no relationship between supply and demand

_________ is a lack of resources

• Surplus
• Shortage
• Scarcity
• Supply

At what quantity is equilibrium reached?

(a)  

This is an example of which pricing strategy?

• Prestige Pricing
• Odd Even Pricing
• Volume Pricing
• Quantity Pricing

What type of promotion would best describe Scheels annual Labor Day Sale

• Special Event Promotion
• Promotional Pricing
• Loss-Leader Pricing
• Rebates

What is the demand at $20?

(a)  

The price of team jerseys for a popular football team increases due to high demand. As a result, the store increases the number of jerseys they produce and sell.

• The supply curve shifts to the left because the cost of production increases.
• The supply curve shifts to the right because the store is willing to produce and sell more jerseys at a higher price.
• The supply curve remains unchanged because the store’s production capacity is fixed.
• The supply curve moves upward, meaning the price of the jerseys will always increase.

Price

• the amount that customers pay for product & services

• the process of establishing & communicating the value of goods & services to customer

• An illusion created for customers

• an amount that has to be spent to buy or obtain something by the producers