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Test: Pricing - 2 - B Com MCQ


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10 Questions MCQ Test - Test: Pricing - 2

Test: Pricing - 2 for B Com 2024 is part of B Com preparation. The Test: Pricing - 2 questions and answers have been prepared according to the B Com exam syllabus.The Test: Pricing - 2 MCQs are made for B Com 2024 Exam. Find important definitions, questions, notes, meanings, examples, exercises, MCQs and online tests for Test: Pricing - 2 below.
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Test: Pricing - 2 - Question 1
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Which of the following is NOT a factor considered in formulating pricing policy?

Detailed Solution for Test: Pricing - 2 - Question 1
Pricing policy takes into account factors such as consumer psychology, demand, and cost data. Advertising policy, on the other hand, is a separate aspect of a firm's marketing strategy and is not directly related to pricing policy.
Test: Pricing - 2 - Question 2
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In a perfectly competitive market, who typically determines the price of a product?

Detailed Solution for Test: Pricing - 2 - Question 2
In a perfectly competitive market, the price of a product is typically determined by the forces of supply and demand. Individual producers have no control over the price, and the government's intervention is minimal.
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Test: Pricing - 2 - Question 3
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What does elasticity of demand indicate in pricing?

Detailed Solution for Test: Pricing - 2 - Question 3
Elasticity of demand indicates the sensitivity of demand to price changes. It helps firms determine how much they can adjust prices based on consumer responsiveness to those changes.
Test: Pricing - 2 - Question 4
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In a monopolistic market, how does the producer typically set the price for their product?
Detailed Solution for Test: Pricing - 2 - Question 4
In a monopolistic market, the producer typically sets a high price for their product because they have significant control over the market and can maximize their profit by charging a premium.
Test: Pricing - 2 - Question 5
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What is the primary objective of pricing in the long run for most businesses?
Detailed Solution for Test: Pricing - 2 - Question 5
The primary objective of pricing in the long run for most businesses is to cover all costs, including both fixed and variable costs. This ensures the sustainability of the business.
Test: Pricing - 2 - Question 6
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What is the pricing approach that aims to maximize current profits, cash flow, or the rate of return on investment?
Detailed Solution for Test: Pricing - 2 - Question 6
The pricing approach that aims to maximize current profits, cash flow, or the rate of return on investment is Profit Maximization. This approach focuses on selecting the price at which marginal revenue equals marginal cost.
Test: Pricing - 2 - Question 7
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In a mixed economy, what role does the government often play in pricing?
Detailed Solution for Test: Pricing - 2 - Question 7
In a mixed economy, the government often plays a role in controlling relative prices to achieve certain targets. This may involve price controls, minimum prices, or other regulatory measures.
Test: Pricing - 2 - Question 8
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What does price rigidity imply in pricing?
Detailed Solution for Test: Pricing - 2 - Question 8
Price rigidity implies inflexibility in pricing. It means that prices are stable over a given period and do not change frequently.
Test: Pricing - 2 - Question 9
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What are relevant costs in pricing decisions?
Detailed Solution for Test: Pricing - 2 - Question 9
Relevant costs in pricing decisions are costs that are directly traceable to an individual product. These costs are considered in pricing to ensure that the selling price covers these specific costs.
Test: Pricing - 2 - Question 10
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What factor does a firm primarily aim to balance when setting the price for its products?
Detailed Solution for Test: Pricing - 2 - Question 10
A firm primarily aims to balance profit when setting the price for its products. The pricing decision is often made with the goal of maximizing profit in the long run while considering various factors such as demand, costs, and competition.
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