61) The problem with using ________ is that it clouds the true relationships among price, volume, and costs by including fixed expenses in unit cost.
A) full-absorption costing
B) variable costing
C) contribution margin costing
D) break-even costing
62) Which of the following is correct?
A) Sales – variable costs – fixed costs = contribution margin
B) Total revenue – variable costs = contribution margin
C) Total revenue – fixed costs = contribution margin
D) Total revenue – profit = contribution margin
63) Which of the following is a fair definition of price?
A) In purely economic terms, price is the monetary value of a good or service.
B) Price is a measure of what a customer is required to give up to obtain a good or service.
C) None of the above
D) Both A and B
64) The price floor is established:
A) by the firm’s total cost.
B) by the consumers.
C) by the government.
D) None of the above
65) Businesses faced with rapidly rising raw materials costs should consider the following strategies:
A) Communicate with customers and focus on improving efficiency everywhere in the company.
B) Emphasize the value your company provides to customers.
C) Anticipate rising materials costs and try to lock in prices early.
D) All of the above
66) Most often, small business owners ________ their goods and services, believing that ________ prices are the only way they can achieve a competitive advantage.
A) over price; high
B) under price; low
C) over price; low
D) under price; high
67) Two factors are vital to studying the effects of competition on a small firm’s pricing policies:
A) the location of the competitors and the nature of the competing goods.
B) the pricing.
C) the location of the competitors and their marketing efforts.
D) Both A and B
68) Three objectives of new product pricing are:
A) get the product accepted, maintain market share as competition grows, and earn a profit.
B) get the product accepted, avoid price wars, and earn a profit.
C) maintain market share as competition grows, earn profits, and increase sales.
D) None of the above
69) Judith started her business in 1995. During the years, she sold different products she purchased from distributors and manufacturers. One day, she came up with a new product. She patented the product and got started to sell the product. What should be the objectives of her pricing strategies?
A) Get the product accepted
B) Maintain market share as competition grows
C) Earn a profit
D) All of the above
70) A ________ pricing strategy often is used when a company introduces a new product into a market with little or no competition.
A) price war
D) price floor
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