For Some Product Categories,customers Simply Have Come to Expect Finding

question 12

Multiple Choice

For some product categories,customers simply have come to expect finding products priced at customary levels.The "expected" prices for such products are referred to as:

• A) Price lines.
• B) Price points.
• C) Standard prices.
• D) Promotional prices.
• E) Psychological prices.

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Definitions:

Demand

The quantity of a good or service that consumers are willing and able to purchase at a given price point, over a specific time period.

Market Prices

The amount of money required to purchase a good or service in a market.

Quantities Demanded

The total amount of a good or service that consumers are willing and able to purchase at a particular price in a given market.

Substitute Products

Products that can serve as replacements for each other; when the price of one increases, the demand for the substitute is likely to increase.