Monopolies are the most likely type of firm to engage in price wars.
Indicate whether the statement is true or false
Question 2____________ are relatively inexpensive, frequently purchased items for which buyers exert only minimal purchasing effort.
A) Consumer products
B) Shopping products
C) Convenience products
D) Business products
E) Specialty products
Question 3If Stephen and Andres each own their own gas station, and they get together to set agreed-upon prices, this is an example of deceptive pricing.
Indicate whether the statement is true or false
Question 4A(n)____________ is a tangible physical entity.
A) idea
B) attribute
C) service
D) feature
E) good
Question 5To avoid the appearance of price fixing, marketers must develop independent pricing policies and set prices in ways that do not even hint at collusion.
Indicate whether the statement is true or false
Question 6You just recently accepted a new job at a company on the East Coast. You will be responsible for making sure your firm's products contain labeling that meets all federal laws and regulations. Your new company makes gourmet food items. Which of the following federal regulatory agencies should you become very familiar with in order to do your job most effectively?
A) WTO
B) FTC
C) EPA
D) SBA
E) FDA
Question 7Price wars tend to be disadvantageous to retailers. Why, therefore, would a retailer want to lower prices and take the chance of inciting a price war?
A) To reduce long-term costs
B) To raise profit margins
C) To develop a sustainable advantage
D) To enter a new market
E) To boost market share
Question 8Your boss has instructed you to change the packaging on your firm's products so that they have a common major design element and similar packaging. Based on this directive, you should implement __________ for all the firm's products.
A) consistent packaging
B) family packaging
C) homogeneous packaging
D) common packaging
E) product line packaging
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