5.01 notes
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| What is price? | That is which is given up in exchange to acquire a good or service
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| What is revenue? | The price charged to customers multiplied by the number of units sold
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| What is profit? | Revenue minus expenses
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| What are trends that influence price? | Flood of new products, increased availibility of bargain-priced private and generic brands, and cutting prices.
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| What is profit maximization? | Setting prices to that total revenue is as large as possible relative to total costs
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| What is market share? | A company's product sales as a percentage of total sales for that industry
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| What is sales maximization? | A short-term objective to maximize sales
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| What is status quo pricing objectives? | Maintaining existing prices
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| What is demand? | The quantity of a product that will be sold i the market at various prices for a specified period
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| What is supply? | The quantity of a product that will be offereed to the market by a supplier at various prices for a specific period.
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| What is price equilibrium? | The price a which demand and supply are equal
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| What is elastic demand? | When consumers by more or less of a product when the price changes
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| What is inelastic demand? | An increase or decrease in price will not significantly affect demand
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| What is unitary elasticity? | An increase in sales exactly offsets a decrease in prices and revenue is unchanged
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Or sort by any of the columns using the down arrow next to any column heading.
If you know all the data on any row, you can temporarily remove it by tapping the trash can to the right of the row.
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Created by:
marleyspence
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