when many buyers and sellers all deal with an identical product.
100
What is predatory pricing?
The practice of selling a product or service at a very low price, intending to drive competitors out of the market.
100
Fill in the blank:
Technology allows (blank) to be easily collected, collated and analyzed.
data
100
What federal statuute authorizes the imposition of special duties on imported goods when the manufacturers are attempting to sell the goods in the U.S. at less than fair value to the material detriment of American industry?
Anti-Dumping Laws
100
What is selling price?
the price at which a product is sold to the customer.
200
What is the point of effective pricing?
To attract the customer's attention
200
What is Price Fixing?
When two business set their prices at a certain price in order to benefit both of the businesses.
200
What does automation due to the number of input pricing errors?
Decreases them
200
A positive effect of pricing laws is:
customers know that they aren't being taking advantage of.
200
What does the government use to affect selling prices?
Regulations and laws
300
What is a monopoly?
A situation in which a single company or group owns all or nearly all of the market for a given type of product or service.
300
Is price fixing illegal?
yes
300
What does automation make harder to catch?
Errors in programming
300
Name the independent federal agency whose main goals are to protect consumers and to ensure a strong competitive market by enforcing a variety of consumer protection and antitrust laws.
What is the Federal Trade Commission(FTC)
300
How can consumers affect selling price?
by what they are willing to pay for it
400
what is Oligopoly?
A situation in which a particular market is controlled by a small group of firms.
400
Fill in the lank: Ethical considerations include the importance of (accessibility) to the company's products
Accessibility
400
What does targeted pricing allow a company to do?
Charge different prices to new customers
400
Public and private organizations often rely on:
Competive Biding
400
What is the importance of selling price?
It must bring in enough profit so the company can stay in business.
500
Fill in the blank: Pricing objectives are the (blank) a company has to achieve through its pricing decisions.
Goals
500
How do companies take financial advantage of customers?
By making pricing very complex so customers don't understand it.
500
Is self-check out at grocery stores a benefit or risk?
risk
500
Rather than being used to protect the public from low prices, pricing laws have been used to protect:
inefficent domestic products from foreign competition at the expense of the general public
500
What is the cash cow phase?
A business, product, or asset, that once aquired and paid off, will produce consistent cash flow over its lifespan.