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Business True or False Set III

True or False
1) Prices have a direct impact on a firm’s bottom line.( )Page Ref: 290

2) Customer perceptions of the product’s value set the floor for prices.( )Page Ref: 291

3) Product costs set the ceiling for prices.( )Page Ref: 291

4) In customer value-based pricing, price is considered along with all other marketing mix variables before the marketing program is set.( )Page Ref: 291

5) Value-based pricing uses the sellers’ perception of value as the key to pricing.
( )Page Ref: 291

6) Using value-based pricing, a marketer would not design a product and marketing program before setting the price.( )Page Ref: 291

7) Cost-based pricing is often product driven.( )Page Ref: 291

8) Department stores that practice everyday low pricing (EDLP) typically provide frequent sale days, early-bird savings, and bonus earnings for store credit-card holders.( )Page Ref: 293

9) Overhead costs are costs that do not vary with production or sales level.
( )Page Ref: 296

10) Cost-based pricing involves setting prices based on consumer perception of value.
( )Page Ref: 295

11) Average cost tends to increase with accumulated production experience.
( )Page Ref: 296

12) A downward-sloping experience curve is indicative of a company’s rapidly increasing production costs.( )Page Ref: 297

13) The simplest pricing method is cost-plus pricing, which involves adding a standard markup to the cost of the product.( )Page Ref: 297

14) Markup pricing is popular because when all firms in the industry use this pricing method, prices tend to be similar, so price competition is minimized.( )Page Ref: 297

15) Markup pricing is used when a firm tries to determine the price at which it will break even or make the target return it is seeking.( )Page Ref: 297

16) A break-even chart shows the total cost and total revenue expected at various sales volume levels.( )Page Ref: 298

17) Internal factors affecting pricing include the company’s overall marketing strategy, objectives, and marketing mix.( )Page Ref: 299

18) Price decisions must be coordinated with product design, distribution, and promotion decisions to form a consistent and effective integrated marketing mix program.
( )Page Ref: 300

19) In a pure monopoly, the market consists of many buyers and sellers who trade over a range of prices rather than a single market price.( )Page Ref: 303

20) A demand curve shows the number of units the market will buy in a given time period at different prices that might be charged.( )Page Ref: 303

21) If a company faces competition, its demand at different prices will depend on whether competitors’ prices stay constant or change with the company’s own prices.
( )Page Ref: 304

22) If demand changes greatly with price, the demand is inelastic.( )Page Ref: 304

23) The more elastic the demand, the more it pays for the seller to raise the price.
( )Page Ref: 304

24) Buyers are more price sensitive when the product they are buying is unique or when it is high in quality, prestige, or exclusiveness.( )Page Ref: 304

25) If demand is elastic rather than inelastic, sellers will consider lowering their prices.
( )Page Ref: 304

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