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Multiple Choice Questions
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1

The money or other considerations exchanged for the ownership or use of a good or service is known as:
A)cost
B)price
C)exchange
D)value-added
E)fee billing
2

The practice of exchanging goods and services for other goods and services rather than money is called:
A)lend lease
B)border exchanges
C)theft
D)barter
E)black marketing
3

The ratio of perceived benefits to price is equal to:
A)ROI
B)profits earned
C)cost less price
D)the sales price
E)value
4

Which of the following is a price constraint?
A)cost of factory workers
B)newness of the product
C)profit level
D)corporate goals
E)accounts receivable
5

Which competitive market are sellers sensitive to each other's prices?
A)pure monopoly
B)monopolistic competition
C)utopia
D)pure competition
E)oligopoly
6

A higher price can usually be charged at what stage of the PLC?
A)introduction
B)growth
C)maturity
D)decline
E)R&D era
7

Based on research, how often do firms adjust their prices on major products?
A)monthly
B)semi-annually
C)quarterly
D)once a year
E)the time competition changes theirs
8

The type of competitive market where the market sets the price:
A)monopoly
B)oligopoly
C)price competition
D)monopolistic competition
E)pure competition
9

The type of competition market where there is very little advertising:
A)pure monopoly
B)oligopoly
C)monopolistic competition
D)pure competition
E)all competition markets
10

Expectations that specify the role of price in a firm's marketing and strategic plans are:
A)pricing considerations
B)pricing guidelines
C)pricing objectives
D)pricing policies
E)pricing methods
11

This pricing objective, intended for use during a firm's financially hard times, involves attracting more customers with lower prices to gain market share. The objective is called:
A)profit objective
B)sales objective
C)social responsibility objective
D)survival objective
E)unit volume objective
12

Newsweek conducted a pricing experiment in 11 cities with different prices to find out:
A)if sales would go up
B)their demand curve
C)what city would pay the most
D)what would competition do
E)which city would sell out but with what price
13

Up to date marketing research is essential because of how quickly consumers:
A)tastes can change
B)competitors allow strategies
C)move
D)grow
E)earn more income
14

Newsweek found that if the price was lowered from $2.00 to $1.58 quantity demanded increased to 4.5 million from 3 million resulting in sales of:
A)6.75 million a net increase
B)10 million a net loss
C)4.5 million a net loss
D)7.5 million a net increase
E)6 million
15

Total revenue is defined as:
A)TR=MR
B)TR=AR
C)TR=PxQ
D)TR=chg in P + chg in Q
E)TR=chg in P/chg in Q
16

When quantity demanded decreases as price increase this is elastic demand and is expressed as:
A)less than 1
B)less than or equal to 1
C)greater than or equal to 1
D)greater than 1
E)0
17

Price elasticity is important to marketing managers because of its relationships to:
A)net profit
B)net sales
C)total revenue
D)total sales
E)total tax burden
18

Research generally shows that cigarettes are price                     ?
A)elastic
B)inelastic
C)unitary
D)undetermined
E)between elastic and inelastic
19

Four cost concepts are important in pricing decisions: total cost, fixed cost, variable cost, and:
A)spending cost
B)promotion cost
C)product cost
D)marketing cost
E)marginal cost
20

A techniques that analyzes the relationship between total revenue and total cost to determine profitability is called:
A)marginal analysis
B)cost analysis
C)break-even analysis
D)profit analysis
E)marginal cost analysis





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