When the Local Shell Station Raises or Lowers Its Prices

question 51

Multiple Choice

When the local Shell station raises or lowers its prices on its gasoline,the Marathon station across the street makes the same changes in its pricing.This is an example of _____ pricing.

• A) status quo
• B) target return
• C) market share
• D) predatory
• E) cost-plus

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Definitions:

Assets

Economic resources owned or controlled by a business or individual, expected to bring future benefits.

Expenses

The costs incurred in the process of generating revenues, including costs like rent, salaries, and utilities.

Revenues

The gross revenue stemming from the primary operational activities of a firm, particularly from selling products or services.

Supplies

Items that are used in the day-to-day operation of a business but do not directly become part of the finished product.