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Under the market consists of a few large sellers who

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20) Under ________, the market consists of a few large sellers who are highly sensitive to each other's pricingand marketing strategies.A) pure competitionB) monopolistic competitionC) oligopolistic competitionD) a pure monopolyE) pure monopsonyAnswer:C
21) The relationship between the price charged for a product and the resulting demand level can be shown ina(n) ________.A
22) When demand hardly changes with a small change in the price of a product, the demand for the product isbest described as ________.
23) Which of the following is an economic factor that affects the pricing decisions of a company?
D) reseller policiesE) interest ratesAnswer:E24) The first generation Apple iPod was introduced in 2001 and sold for $500. The following year a miniversion was introduced for $250. Apple initially used a ________ strategy to price their digital musicinnovation.A) market-skimmingB) target costingC) deceptiveD) market-penetrationE) predatoryAnswer:A
25) The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number ofbuyers quickly and win a large market share. This is referred to as ________.B
26) Which of the following conditions is most likely essential for implementing a successful market-skimmingpricing strategy for a product?A
27) Which of the following conditions is most likely essential for implementing a successful market-penetrationpricing strategy for a product?C
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