Figure 3-4 -Refer to Figure 3-4.At a Price of $20,how Many Units

question 116

Multiple Choice

Figure 3-4
-Refer to Figure 3-4.At a price of $20,how many units will be supplied?

• A)400
• B)500
• C)600
• D)800

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Definitions:

Price

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

Price Lining

Grouping product prices into ranges, such as low-, medium-, and high-priced items.

Pricing Tactic

Strategic approaches used to set prices for products or services to achieve business objectives.

Prestige Pricing

Psychological pricing strategy used with goods whose quality is difficult to determine by inspection or for products about which consumers have little solid information.