MM51 4.01 Study Guide

MM51 4.01 Study Guide

9th - 12th Grade

20 Qs

quiz-placeholder

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MM51 4.01 Study Guide

MM51 4.01 Study Guide

Assessment

Quiz

Other

9th - 12th Grade

Practice Problem

Medium

Created by

James Fuller

Used 1+ times

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20 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A buyer is willing to pay $9.99 for a product. If the seller is willing to accept that amount, then $9.99 is the:

Demand

Value

Markdown

Exchange price

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Sellers must carefully set prices so that buyers feel they are receiving __________ value for their money.

No

Minimum

Little

Optimum

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What might happen if a business’s customers feel that they are not getting the most value for their money?

Sales Increase

Customers spend money elsewhere

Customers purchase more

Sales remain the same

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Can prices be set too low?

Yes, customers may feel quality is too low.

Yes, customers may feel quality is too high.

No, the lower the price, the greater the product’s appeal.

No, the lower the price, the more willing the customer is to buy.


5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

A downturn in the economy has forced a home builder to lower its prices. This company has __________ prices.

Realistic

Flexible

Competitive

Inflexible

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

To set prices, businesses must price the physical product and all of its associated:

Features

Services

Physical Characteristics

Value

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

In which of the following businesses is the business owner usually responsible for setting prices:

Walmart

Sears

Java Joe's Coffee Shop

Macy's

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