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Hannah Holmes

Chapter 16Pricing Concepts and StrategiesMULTIPLE CHOICE1What does the exchange value of a product defineaits worthbits pricecits valuedits fundsANSBPTS1DIF1REF502OBJ161BLMRememberNOTAACSB AnalyticTBE Model Pricing2What is the purpose of the Competition ActaIt assists foreign businesses that want to enter the Canadian marketplacebIt prevents businesses from earning excess profits that is more than the average for an industrycIt tries to balance the interests of businesses and consumersdIt focuses on the protection of Canadas natural resourcesANSCPTS1DIF1REF534OBJ167BLMRememberNOTAACSB AnalyticTBE Model Pricing3A company has demonstrated that their price discounts and promotional allowances do not restrict competition What is the term for the pricingrelated practice defendedabid riggingbpredatory pricingcprice discriminationdprice fixingANSCPTS1DIF1REF534OBJ167BLMRememberNOTAACSB AnalyticTBE Model Pricing4What is it called when sellers get together and collude to set prices with respect to one or more requests for competitive proposalsaprice fixingbbid riggingCopyright2013 Nelson Education Ltd161Chapter 16Pricing Concepts and Strategiescprice discriminationdmisleading price representationANSBPTS1DIF1REF535OBJ167BLMRememberNOTAACSB AnalyticTBE Model PricingCopyright2013 Nelson Education Ltd162Chapter 16Pricing Concepts and Strategies5Many credit cards offer socalled teaser rateslow introductory rates that rise after a few months What type of pricing strategy is the use of introductory rates an example ofapenetration pricingbskimming pricingceveryday low pricingdcompetitive pricingANSAPTS1DIF2REF519OBJ163BLMRememberNOTAACSB AnalyticTBE Model Pricing6What pricing objective might seek sales maximization or achievement of a stated market shareaProfitabilitybVolumecmeeting competitiondPrestigeANSBPTS1DIF1REF504505OBJ161BLMRememberNOTAACSB AnalyticTBE Model Pricing7What objectives are shortrun or longrun profitability goals usually stated as percentages of sales or investmentaprofit maximizationbVolumectargetreturndPrestigeANSCPTS1DIF2REF504OBJ161BLMRememberNOTAACSB AnalyticTBE Model Pricing8Which of the following is one of the major benefits derived from targetreturn objectivesaThey eliminate competitionbThey generate excess profitcThey encourage increased investments by stockholdersCopyright2013 Nelson Education Ltd163
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