One reason Taco Bell raised its prices was the result of an increase in _____.
  • a competitive advantage
  • monopolistic competition
  • costs
  • All of these
Though confusing to customers, U.S. Cellular priced its bundles very similar to its competitor's prices. Which competitor-oriented pricing strategy did U.S. Cellular use in this example?
  • price inelastic
  • Competitive parity
  • Customer orientation
  • a competitive advantage
Variable costs change with
  • the price of alternative products and services.
  • rarely changed except in response to radical shifts in market conditions.
  • the lower the quantity consumers will buy.
  • changes in the quantity being produced.
_______ products are products whose demands are positively related and as such, they rise or fall together.
  • Competitive parity
  • Complementary
  • Price elasticity of demand
  • small; large
For which of the following is demand likely to be most sensitive to price increases?
  • a competitive advantage
  • smartphone service providers
  • a specific brand of soft drink
  • monopolistic competition
One problem in relying on price elasticity and demand curves when setting prices is
  • 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.
  • the way a product or service is marketed can have a profound impact on price elasticity.
  • the price of alternative products and services.
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