Setting a Market Price for a Product or Product Class

question 207

Multiple Choice

Setting a market price for a product or product class based on a subjective feel for the competitors' price or market price as the benchmark is referred to as

• A) customary pricing.
• B) above-, at-, or below-market pricing.
• C) standard markup pricing.
• D) competitive margin pricing.
• E) experience-curve pricing.

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Definitions:

Extension

The movement by which the angle between two bones is increased, typically referring to limbs or joints.

Circumduction

A circular movement of a limb or eye that combines flexion, extension, abduction, and adduction.

Protraction

The act of moving a body part forward, as in pushing the shoulders or jaw forward.

Supination

A rotational movement of the forearm that turns the palm upward or forward.