Question 1

A group of firms that make and deliver a given set of goods and services is known as a _____.

Options :

A : market segment

B : line extension

C : focus group

D : supply chain

E : marketing mix

Answer: D

Question 2

Which of the following is true of wants?

Options :

A : They are goods that are desired.

B : They are goods that are widely available.

C : They are products that are necessary.

D : They are services that are necessary.

E : They are goods that are required for daily use.

Answer: A

Question 3

In Travnia, an industrial country, the government controls most of the utilities, including power and water supply. The bottled-water market, however, has four major players: Balk, Pentl, Valr, and Tidum. Each of the companies markets its product using a distinct branding strategy. In an attempt to gain a larger market share, Pentl reduces the price of its products by 10%. It expects to make up for the lost revenue from an increase in sales. Which of the following is true of this scenario?

Options :

A :

The government-s control of most of the utilities including power and water supply represents monopolistic competition.

B : The power supply industry in Travnia is oligopolistic in nature.

C : The competition in the bottled-water industry represents pure competition.

D : Pentl-s current pricing strategy can be termed as predatory pricing.

E : A price war would erupt if the other firms reduced prices, too, and forced Pentl to reduce prices further.

Answer: E

Question 4

A(n) _____ designates the maximum quantity of a product that may be brought into a country during a specified time period.

Options :

A : exchange control

B : embargo

C : tariff

D : quota

E : trade agreement

Answer: D

Question 5

Which of the following is true of department stores?

Options :

A : They are retailers that carry a limited variety of goods.

B : They offer little or no assortment of merchandise.

C : They don't offer customer services.

D : They organize their stores into distinct sections for displaying merchandise.

E : They exclude stocking private-label merchandise.

Answer: D

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