Producers conduct research to gather information about the types of goods and services that customers are likely to purchase.

When the price of a product goes up, the demand for the product also goes up.

The private enterprise system is based upon independent decisions made by consumers and businesses.

The government can discourage sales by increasing taxes on a product or service.

Pricing of merchandise is generally not influenced by the forces of supply and demand.

Pure competition exists when there are many companies offering the same product, resulting in rising prices.

Psychological pricing occurs when retailers create an illusion with prices that end in $.98 or $.99.

Prestige pricing is used for automobiles such as Mercedes and Cadillac.

Wal-Mart pays lower prices for its merchandise due to the volume pricing it receives from its suppliers.

The upside of the business cycle is referred to as expansion.

Sports and entertainment businesses are usually very prosperous during a recession.

Retro television involves bringing back re-runs of popular old television shows.

Producers of sports and entertainment events

Antitrust laws have been enacted to

Valid reasons for price discrimination could include

All of the following are examples of promotional pricing except

The first step in determining the price for goods and services is to

The __________ is the highest point of growth in the economy.

Which of the following is not a socio-culture issue

During recession there is

The law of supply and demand

A(n) __________ policy allows consumers to negotiate prices.

Markup on merchandise

During the expansion phase of the business cycle

____________________ is the point where the supply and demand curves intersect.

____________________ are individuals who purchase products to satisfy their needs and wants.

The lack of resources or lack of money to spend on sports and entertainment events is referred to as ____________________.

_________________________ occurs when related businesses conspire to charge high prices.

_________________________ occurs when a product that is advertised at a great price is “out of stock” when customers want to purchase it, and the salesperson then tries to sell the customer a higher-priced alternative.

The amount that is added to the cost of an item for sale to cover operating expenses and allow for a profit is called ____________________.

_________________________ are distinct categories of merchandise based upon price, quality, and features.

______________________________ involve the ups and downs of the economy.

____________________ occurs when prices for goods and services rise faster than consumer income.

Economic periods of moderate demand are called ________________________.

______________________________ are the costs associated with running a business.

______________________________ prices may be used when a company is willing to take a loss on the reduced prices of selected items in order to create more customer traffic.