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- Question 1 of 15
1. Question
What does “price” refer to in the context of buying goods or services?
CorrectIncorrect - Question 2 of 15
2. Question
When considering factors for setting the price, which factor ensures that prices cover production costs?
CorrectIncorrect - Question 3 of 15
3. Question
What pricing method involves setting a low price initially to attract customers to buy a new product?
CorrectIncorrect - Question 4 of 15
4. Question
Which pricing method sets a high price for a high-quality product that is unique in the market?
CorrectIncorrect - Question 5 of 15
5. Question
What is cost plus pricing based on?
CorrectIncorrect - Question 6 of 15
6. Question
What pricing strategy involves reducing the price of a product or service for a short period of time?
CorrectIncorrect - Question 7 of 15
7. Question
When does price competition typically occur?
CorrectIncorrect - Question 8 of 15
8. Question
Fill in the blanks with the correct word(s).
Â
1. refers to the amount of money paid by the customer when buying a good or service.
2. Prices are usually set to cover the .Â
3. pricing involves setting a low price to attract customers to buy a new product.
4. pricing sets a high price for a unique, high-quality product.
5. Cost plus pricing involves adding the cost per unit and a percentage of .Â
6. Promotional pricing involves reducing the price of a product for a .
7. Competitive pricing sets the price of a product based on in the market.
CorrectIncorrect - Question 9 of 15
9. Question
Price refers to the cost of production for a business.Â
CorrectIncorrect - Question 10 of 15
10. Question
Penetration pricing involves setting a high initial price for a new product.Â
CorrectIncorrect - Question 11 of 15
11. Question
Cost plus pricing adds a fixed amount to the cost of production.
CorrectIncorrect - Question 12 of 15
12. Question
Promotional pricing involves reducing the price of a product for a long-term period.
CorrectIncorrect - Question 13 of 15
13. Question
Competitive pricing sets prices independent of competitors’ prices.
CorrectIncorrect - Question 14 of 15
14. Question
Premium pricing is used for products that are unique and of high quality.Â
CorrectIncorrect - Question 15 of 15
15. Question
Price competition involves lowering prices to attract more customers from competitors.Â
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