#1
Which of the following is an example of a market force?
Government regulations
Consumer preferences
Company's mission statement
Internal management structure
#2
What is a pricing strategy often used to quickly gain market share?
Penetration pricing
Premium pricing
Skimming pricing
Cost-plus pricing
#3
Which of the following is NOT a factor affecting pricing decisions?
Costs
Demand
Competition
Marketing budget
#4
What pricing strategy involves setting a low initial price to attract customers, with the intention of raising it later?
Psychological pricing
Price bundling
Price skimming
Predatory pricing
#5
What is the primary goal of dynamic pricing?
To maximize revenue
To maintain a fixed price
To match competitors' prices
To minimize costs
#6
Which of the following is an example of a non-price competition strategy?
Discount pricing
Product differentiation
Cost-plus pricing
Predatory pricing
#7
Which of the following is a characteristic of a price-taker?
Has significant control over market price
Operates in perfect competition
Can set prices independently of market forces
Faces no competition
#8
What is the term for a pricing strategy where the price is set based on the perceived value to the customer?
Cost-plus pricing
Value-based pricing
Skimming pricing
Predatory pricing
#9
In which market structure do firms have the least control over pricing?
Monopoly
Oligopoly
Monopolistic competition
Perfect competition
#10
What is the term for the maximum price a customer is willing to pay for a product or service?
Reservation price
Cost-plus price
Markup price
Penetration price
#11
Which of the following is NOT a common objective of pricing strategies?
Maximizing profit
Increasing market share
Minimizing customer satisfaction
Maintaining brand image
#12
What is a disadvantage of using a cost-plus pricing strategy?
It ignores competitor pricing
It is complex to calculate
It does not cover fixed costs
It may lead to lower profits
#13
What effect would an increase in demand have on equilibrium price and quantity in a competitive market?
Price increases, quantity decreases
Price decreases, quantity increases
Price and quantity both increase
Price and quantity both decrease
#14
What pricing strategy involves setting prices slightly below whole-dollar amounts?
Odd pricing
Even pricing
Penetration pricing
Loss leader pricing