The practice of marketing merchandise at a limited number of prices is called _____ pricing.

In most economies, _______refers to the amount of funds required to purchase a product.

The price elasticity of demand (or elasticity of demand) is the percentage change in the quantity of a good or service demanded divided by the percentage change in its price.

“Buy three shock absorbers and get the fourth free,” as advertised by an auto repair shop, is an example of _____ pricing.

The price of products only includes the costs incurred by the manufacturer for procuring the raw material and for processing the products.

Which of the following pricing strategies tries to reduce the emphasis on price as a competitive weapon?

A cost that changes with the level of production is called a(n) _____ cost.

A skimming pricing strategy is more commonly used by firms to:

If consumers can easily find close substitutes for a good or service, the product’s demand tends to be inelastic.

Upload your work for the FRQ.    This is the most important question to answer on the exam!    Please scan or take a picture of your handwritten work with a phone or device.  Airdrop or email it to yourself and cc: your teacher.    Find the file in your computer’s file explorer when you click “Choose a File”. (Do not drag and drop.) If you have trouble, please connect to Honorlock support by clicking the blue button with the speech bubble. They will help and document your attempt to correct the situation. Tell the support agent you are done with the test and are having trouble submitting your work. They will help you momentarily bypass the blocking program Honorlock uses to get your file uploaded properly. Remember: You are expected to make every effort to turn your work in before the exam closes. If your work is not uploaded during the exam, your teacher will contact you. If you know that there was a problem, email your teacher immediately and describe the situation and the steps that you took to correct it. Your teacher will consult the recording and Honorlock Support Log. Your proactivity and ability to explain your actions will ensure that the instance is not viewed as an Honor Code violation.