Pricing and Demand Quiz
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Questions and Answers

From the supplier's view, price - cost = profit. From the consumer's view, willingness to pay - price = gain.

  • True (correct)
  • False

    • What is the difference between cost-based pricing and value-based pricing?

  • Cost-based pricing and value-based pricing are the same thing.
  • Cost-based pricing considers the cost of production, while value-based pricing considers the perceived value to the customer. (correct)
  • Cost-based pricing considers the perceived value to the customer, while value-based pricing considers the cost of production.
  • Cost-based pricing and value-based pricing are not mentioned in the text.

    • What is the difference between static pricing and dynamic pricing?

  • Static pricing is when prices remain the same over time, while dynamic pricing is when prices change based on various factors. (correct)
  • Static pricing is when prices change based on various factors, while dynamic pricing is when prices remain the same over time.
  • Static pricing and dynamic pricing are not mentioned in the text.
  • Static pricing and dynamic pricing are the same thing.

    • What is the difference between transparent pricing and opaque pricing?

    <p>Transparent pricing is when prices are clearly visible and easily understood by customers, while opaque pricing is when prices are hidden or not easily understood.</p> Signup and view all the answers

    What is rate parity in the context of pricing?

    <p>Rate parity refers to the equal pricing of a product across different distribution channels.</p> Signup and view all the answers

    Which of the following is an example of a semi-fixed cost?

    <p>Tuition fee of a class</p> Signup and view all the answers

    True or False: Fixed cost of a business is fixed and will never change.

    <p>False</p> Signup and view all the answers

    What is the behavior of charging every guest a special rate called?

    <p>First degree price discrimination</p> Signup and view all the answers

    Which of the following is NOT likely to be the opportunity cost of a student attending a class?

    <p>Two hours salary at Starbucks</p> Signup and view all the answers

    What is the break-even point?

    <p>The point where total revenue equals total cost</p> Signup and view all the answers

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