CH 6 Price Planning Review Quiz

When a change in price has little effect on demand for a product it is called...

• Competition

• Elastic Demand

• Inelastic Demand

• Price

The relative standing a competitor has in a given market in comparison to its competitors.

• Inelastic Demand

• Market Position

• Market Share

• Elastic Demand

A firm's percentage of the total sales volume generated by all competitors in a given market

• Competition

• Market position

• Inelastic demand

• Market Share

The degree to which demand for a product is affected by its price

• Demand elasticity

• Inelastic Demand

• Competition

• Market Share

The four factors that affect the price of the product include costs & expenses, supply & demand, consumer perception, and what else?

• Market share

• Market position

• Competition

• Demand elasticity

A change in price creates a change in demand

• Elastic demand

• Inelastic demand

• Market share

• price

The value of money (or its equivalent) placed on a good or service

• Elastic demand

• Market share

• Market position

• Price

Choose whether each statement would cause elastic or inelastic demand on the price.

The price of Nike sneakers increases for a customer who is strongly brand loyal to Nike

• Elastic Demand

• Inelastic Demand

Choose whether each statement would cause elastic or inelastic demand on the price.

I like to cook chicken, but given the avian flu the price of chicken has greatly increased.  I am going to switch and buy pork instead.

• Inelastic Demand

• Elastic Demand

Choose whether each statement would cause elastic or inelastic demand on the price.

I am traveling for business and realized I forgot my laptop charger.  I need to go to the closest store to buy one immediately, regardless of the price.

• Inelastic Demand

• Elastic Demand