Marketing Test 3 AU

Which of the following is most likely to have an inelastic demand curve?

Nonelective surgery

What do all of the following have in common: tuition, fee, premium, retainer, dues?

They are different terms for the concept of price.

If a firm currently produces 2,500 products per month and decides to produce 2,501, it will incur

a marginal cost.

To maintain market share and revenue in an increasingly price-sensitive market, companies have focused on quality, used labor-saving technologies, and used efficient manufacturing processes. These tactics have provided gains in productivity that have translated into ____ for the consumer.

lower costs for the company and lower prices

If Colgate-Palmolive wants to maximize profit on its toothpaste, it should operate at the point where

marginal revenue equals marginal cost

Price is considered to be the variable in the marketing mix that is

most flexible

If a company provides price differentials that harm competition by giving one or more buyers a competitive advantage, it is committing

price discrimination

Vanessa is shopping for a new pair of athletic shoes. Since she is concerned about both the price and the quality aspects of a product, Vanessa is most likely a ___ consumer.

value-conscious

Marginal analysis involves examining

what happens to a firm's costs and revenues when production is changed by one unit

If a company increased its price from $100 to $120 and the quantity demanded fell by 40%, the price elasticity of demand for this product is

−2.