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- 1. Multiple Choice
The price of a product has a significant impact on a customer's perception of the product.
True
False
- 2. Multiple Choice
Psychological pricing is
a price set just above a whole number
a price set just below a whole number
a price set to give the perception of the product being much more expensive that it really is
a price set to get customers to buy the product as a status symbol
- 3. Multiple Choice
Dynamic pricing involves using different prices for the same market segments.
True
False
- 4. Multiple Choice
Which of the following is NOT a type of dynamic pricing?
Different prices for men and women
Different prices for peak and off peak times
Different prices for high and low income earners
Different prices for children and adults
- 5. Multiple Choice
Price elasticity of demand (PED) measures the responsiveness of price to changes in consumer demand.
True
False
- 6. Multiple Choice
Which of the following is NOT likely to be a feature of a product which is price inelastic
It is a luxury product
It takes up a small proportion of customers' incomes
There are very few alternatives on the market
It is a necessity
- 7. Multiple Choice
A new Mercedes Benz e-class vehicle is likely to be
price elastic
price inelastic
- 8. Multiple Choice
Knowledge of price elasticity of demand (PED) is important to businesses because it allows them to make informed (and possibly better) choices about the prices of their products.
True
False
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