_______ measures consumers' sensitivity to price changes.
  • customer-oriented
  • Price elasticity of demand
  • price inelastic.
  • monopolistic competition
What does U.S. Cellular need to consider in setting prices for its various data plans?
  • the lower the quantity consumers will buy.
  • CustomersCostsCompetitorsCompany objectives
  • the price of alternative products and services.
  • Customer orientation
Historically, prices were
  • changes in the quantity being produced.
  • the more sensitive consumers will be to changes in the price of a particular product.
  • rarely changed except in response to radical shifts in market conditions.
  • Giving consumers larger quantities at a low price would help Taco Bell regain _____.
The quick service restaurant (QSR) market is considered a(n)_______.
  • Price elasticity of demand
  • a specific brand of soft drink
  • monopolistic competition
  • A few dominant firms
According to the typical demand curve, lower prices will result in _____ being sold.
  • larger quantities
  • a specific brand of soft drink
  • competitors' prices
  • the lower the quantity consumers will buy.
The full price of a product or service includes all of the following except
  • CustomersCostsCompetitorsCompany objectives
  • the price of alternative products and services.
  • the lower the quantity consumers will buy.
  • the way a product or service is marketed can have a profound impact on price elasticity.
Giving consumers larger quantities at a low price would help Taco Bell regain _____.
  • the way a product or service is marketed can have a profound impact on price elasticity.
  • Giving consumers larger quantities at a low price would help Taco Bell regain _____.
  • Differentiate the product in some way, even by packaging, so customers will see it as distinct
  • the more sensitive consumers will be to changes in the price of a particular product.
According to a typical demand curve, the higher the price,
  • changes in the quantity being produced.
  • the price of alternative products and services.
  • CustomersCostsCompetitorsCompany objectives
  • the lower the quantity consumers will buy.
If the market is elastic, relatively ____ changes in price generate fairly _____ changes in the quantity demanded.
  • smartphone service providers
  • larger quantities
  • Customer orientation
  • small; large
U.S. Cellular sets prices based on adding value to its products and services. Which pricing orientation does this reflect?
  • CustomersCostsCompetitorsCompany objectives
  • customer-oriented
  • competitors' prices
  • Customer orientation
How can a company find its way out of a market characterized by pure competition?
  • the more sensitive consumers will be to changes in the price of a particular product.
  • Giving consumers larger quantities at a low price would help Taco Bell regain _____.
  • Differentiate the product in some way, even by packaging, so customers will see it as distinct
  • the way a product or service is marketed can have a profound impact on price elasticity.
Which of the following markets is most likely to be characterized by oligopolistic competition in the United States?
  • Customer orientation
  • smartphone service providers
  • small; large
  • a specific brand of soft drink
The more substitutes that exist in a market,
  • the lower the quantity consumers will buy.
  • the way a product or service is marketed can have a profound impact on price elasticity.
  • the price of alternative products and services.
  • the more sensitive consumers will be to changes in the price of a particular product.
Barry customizes Harley-Davidson motorcycles. No two cycles are alike. He notices that very few customers even ask the price of his motorcycles before they decide to purchase them. Demand for his motorcycles is probably
  • price inelastic.
  • Competitive parity
  • larger quantities
  • Price elasticity of demand
What characterizes a market with oligopolistic competition?
  • competitors' prices
  • A few dominant firms
  • monopolistic competition
  • customer-oriented
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