Question 1 A schedule of the amounts of a firm’s product that consumers will pur

Question

Question 1

A schedule of the amounts of a firm’s product that consumers will purchase at different prices during a specified time period is referred to as _____.

supply

demand

ration

surplus

2 points

Question 2

Yield management is strategic control of inventory. It maximizes revenue or profits from fixed perishable resources.

What are the three rights of yield management?

right revenue at the right point of sale for the right items

right features at the right time for the right cost

right estimated price at the right location for the right time

right person at the right location for the right cost

right customer at the right time for the right price

2 points

Question 3

Which of the following is a pricing technique that is used to evaluate consumer demand by comparing the number of products that must be sold at a variety of prices to cover total cost with estimates of expected sales at the various prices?

Modified breakeven analysis

Incremental-cost analysis

Cost-plus analysis

Segmentation analysis

2 points

Question 4

_____ cost is the change in total cost that results from producing an additional unit of output.

Fixed

Variable

Marginal

Additional

2 points

Question 5

A five-pound bag of roasted peanuts sells for $8, and the average variable cost is $4 per bag. If the total fixed cost for the roasted peanuts is $80,000, the breakeven point in bags is:

120,000

20,000

40,000

80,000

2 points

Question 6

Demand often shows:

less elasticity in the long run than in the short run.

less elasticity in the short run than in the long run.

the same elasticity in the short run and in the long run.

more elasticity in the short run than in the long run.

2 points

Question 7

In which of the following market structures individual firms have the highest control over product prices?

Monopoly

Monopolistic competition

Oligopoly

Pure competition

2 points

Question 8

As the marketing and sales manager, you are in charge of setting the selling prices of prize-winning music boxes with changeable songs. After you explained two cost-plus approaches to price setting, the CEO chose the straightforward approach of full-cost pricing. The next day, you received an unexpected order for 10,000 units from a Swiss contact with a tight deadline.

Required:

What information do you need immediately to arrive at a selling price that you can justify to the CEO?

value of resources consumed in the production of the music boxes

acceptable loss-leader pricing, prescribed rate of return, and financing

manufacturing capacity and customer's price point of willingness to pay

overhead expenses, profit margin, and direct cost per music box

fixed costs of production, variable costs, and revenue

2 points

Question 9

Increased options available to shoppers combine to create a market characterized by _____ elasticity.

demand

constant

supply

linear

2 points

Question 10

The practice of adding a percentage of specified dollar amount—or markup—to the base cost of a product to cover unassigned costs and to provide a profit is called _____ pricing.

cost-plus

full-cost

incremental-cost

breakeven

1.

supply

2.

demand

3.

ration

4.

surplus

Explanation / Answer

Solution 1: Demand

Demand is the amount of commodity consumers are ready to buy at a specified price. As the price changes, demand for goods change. So demand is a schedule of quantity of goods produced purchased at a different price by the buyers.

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