Which term describes the phenomenon where fans are willing to pay more for tickets to high-demand games, such as rival matches or playoff games? A. Price discrimination B. Dynamic pricing C. Elastic demand. D. Inelastic demand.

Which term describes the phenomenon where fans are willing to pay more for tickets to high-demand games, such as rival matches or playoff games? A. Price discrimination B. Dynamic pricing C. Elastic demand. D. Inelastic demand.

Understanding Business

12th Edition

ISBN:9781259929434

Author:William Nickels

Publisher:William Nickels

Chapter1: Taking Risks And Making Profits Within The Dynamic Business Environment

Section: Chapter Questions

Problem 1CE

See similar textbooks

Similar questions

Your widget factory requires GWium for polishing. GWium is expensive but worth it and a little goes a long way. Each widget requires 0.1 ounces of GWium to produce. Your supply contract enables you to buy 10,000 ounces of GWium per day for $30/ounce. This is a good deal; the market price is $40/ounce. Total cost of other materials and labor (excluding GWium) is $2.25/widget. You sell to a wholesaler, who buys all widgets you produce at a non-negotiable price of $6.25/widget. Which of the following are true. A. Selling the widgets is a much better course of action than selling the GWium B. Selling the GWium on the open market is a much better course of action than making the widgets O C. You could produce 100,000 widgets per day D. Both A and B E. Both B and C
a manufacturer produces a crib at a cost of $120 and adds a markup of 65% of the cost to determine the net price at which the crib will be sold. If he wishes to allow a 20% trade discount for his best customers, what list price should he set for the crib?
You are the new CEO of a major well-established automotive manufacturer in South Korea, but you are concerned that the longstanding price war in the industry is undermining profits for all firms in this sector. However, you have been warned by your company’s in-house corporate lawyers not to openly discuss pricing with rival firms. In several cases, you know the other CEOs personally because you graduated from the same business school as they did. Required: Given this dilemma, how would you develop an effective strategy to ensure you act in the best interests of your company, but without engaging in collusion, which is illegal? Discuss.
Wanderlust Tours is considering a B2B partnership with Green Ocean Cruises. Before Wanderlust Tours embarks upon this relationship, however, it must understand the differences between a B2B and B2C partnership. Those differences include all of the following except Multiple Choice the duration of the relationships with customers. the focus on building relationships with customers. the buying procedures. the focus on derived demand.
The relationship between price and quantity supplied is typically O direct O inverse
) A store employee creates a display of sets of bunk beds priced at $66 apiece. The store paid $33 for each set of bunk beds. What percentage is the mark-up? Write your answer using a percent sign (%).
The terms shadow price and reduced cost mean the same thing. Your answer: True O False Clear answer
The first Target store opened in 1962. Its initial strategy was to set prices low to attract a large number of buyers quickly and win a large market share. This is referred to as ________. a. market-penetration pricing b. value-added pricing c. target costing d. market-skimming pricing e.
The law of demand states that as the price of a good increases: more of it is produced. O buyers desire to purchase less of it. O government will start to regulate it. O suppliers wish to sell less of it.
A firm purchases and resells widgets. Holding one widget in inventory for one year costs the firm $7. The firm purchases widgets in lots of 24. Demand for widgets is 3 per week. Each time the firm orders widgets from the supplier, there is a $11 charge for transportation. Round your answer to two decimal places. What is the total transportation cost incurred by the firm over one year (52 weeks)? dollars
Conditions for demand are consumers O willingness but not ability to buy willingness and ability to sell O willingness and ability to buy O ability but not willingness to buy
Why do most demand curves demonstrate an inverse relationship between price and quantity?