MKT 310 WK 10 QUIZ 8 CHAPTER 17 & 18
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MKT 310 WK 10 QUIZ 8 CHAPTER 17 & 18
MKT 310 WK 10 Quiz 8 Chapter 17,18 1) The sensitivity of consumers to price changes is measured by the ________.
A) law of demand
B) sales to price coefficient
C) coefficient of elasticity
D) price elasticity of demand
2) A relatively small percentage change in the price of a computer results in large percentage changes in the number of units purchased for a retailer. The price elasticity of demand for computers can be described as ________.
A) price elastic
B) unitary elasticity
C) price inelastic
D) low
3) When the price elasticity of demand is high and prices go up, total ________.
A) revenues stay the same
B) revenues decline
C) revenues increase
D) profits increase
4) When the price elasticity of demand is unitary and prices go down, total ________.
A) revenues stay the same
B) revenues decline
C) revenues increase
D) profits increase
5) Price elasticity of demand is negative since ________.
A) consumers are generally price conscious
B) quantities sold decline as prices increase
C) there are few status-oriented consumers
D) most retailers use markup pricing
6) Horizontal price fixing involves an agreement ________.
A) to charge retail firms lower prices in areas with an undesirable competitor
B) by any channel member not to sell merchandise below cost
C) among manufacturers, among wholesalers, or among retailers to set prices
D) by retailers to charge the price level suggested by manufacturers or wholesalers
7) In vertical price fixing, ________.
A) channel members conspire to set retail prices at given levels
B) channel members agree not to sell merchandise below their cost
C) retailers have no intention