Which of the following pricing policies compensate customers if the firm fails to provide the best price in the market?
A. Brand loyalty
B. Randomized pricing
C. Beat-or-pay
D. Price matching
Answer: C
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Which statement best summarizes the perspective from which economic theory explains social occurrences? Economic theory assumes
A) gains and losses will eventually cancel out. B) individuals make choices consistent with their goals. C) the law of averages holds in the long run. D) the value of anything is equal to its price. E) whatever people want is what they ought to be able to buy.
Jim saw a decrease in the quantity demanded for his firm's product from 8000 to 6000 units a week when he raised the price of the product from $200 to $250 . Based on this information, the price elasticity of demand for Jim's product is
a. >1 b. 1 c. <1 d. 0
Which of the following is not a financial intermediary?
a. a federally-chartered bank b. a state-chartered bank c. a savings and loan association d. a credit union e. the Federal Deposit Insurance Corporation
In a competitive market, the actions of any single buyer or seller will
a. discourage entry by competitors. b. influence the profits of other firms in the market. c. have a negligible impact on the market price. d. None of the above is correct.