Figure 5-4 -Refer to Figure 5-4.If the Price Increases in the Region

question 76

Multiple Choice

Figure 5-4
-Refer to Figure 5-4.If the price increases in the region of the demand curve between points A and B,we can expect total revenue to

• A)increase.
• B)stay the same.
• C)decrease.
• D)first increase,then decrease until total revenue is maximized.

---

Definitions:

Test-marketing

A strategy used by companies to evaluate the viability of a new product or service in a limited market before a wider release.

Marketing Strategy

A comprehensive plan formulated to achieve the marketing objectives of the organization by targeting specific markets and audiences.

Product Itself

The actual physical item or service being sold, including all of its features, quality, and branding.

Simulated Test Markets

A procedure in which the firm builds a mock shopping experience for participants, in order to observe their response to marketing stimuli.