1. The Sherman Antitrust Act prohibits price fixing. Price fixing is  A. ​the use of false or misleading statements or practices to persuade buyers that a product is a better deal than it really is. B. ​the practice of employing price differentials that tend to injure competition by giving one or more buyers a competitive advantage. C. ​an agreement among competing firms to raise, lower, or maintain prices for mutual benefit.  D. ​an attempt to establish high prices by becoming the market leader. E. ​the intent to set a product's price so low that rival firms cannot compete and therefore withdraw from the marketplace.

Principles Of Marketing
17th Edition
ISBN:9780134492513
Author:Kotler, Philip, Armstrong, Gary (gary M.)
Publisher:Kotler, Philip, Armstrong, Gary (gary M.)
Chapter1: Marketing: Creating Customer Value And Engagement
Section: Chapter Questions
Problem 1.1DQ
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 1. The Sherman Antitrust Act prohibits price fixing. Price fixing is 
A. ​the use of false or misleading statements or practices to persuade buyers that a product is a better deal than it really is.
B. ​the practice of employing price differentials that tend to injure competition by giving one or more buyers a competitive advantage.
C. ​an agreement among competing firms to raise, lower, or maintain prices for mutual benefit. 
D. ​an attempt to establish high prices by becoming the market leader.
E. ​the intent to set a product's price so low that rival firms cannot compete and therefore withdraw from the marketplace.
2. 
Travis Kellogg is a sales representative for Xerox and his territory includes St. Louis and the surrounding suburbs. One of his accounts is Cintas, which offers a wide range of products to businesses. Travis was working with the Cintas division manager, Kiera Valentine, to gain her approval to purchase a networked printer and copier for the local office. The price of the printer/copier including installation would be $5,490, but Kiera has a spending limit of $5,000. She and Travis try to negotiate how Xerox can get the order and Kiera can get the printer but stay within her division’s budget. Eventually, they agreed to a deal of $5,000 for the printer/copier, plus Cintas would deliver and maintain welcome mats or rugs in Xerox’s St. Louis office.  Travis and Kiera successfully utilized _____ to facilitate the exchange.
Travis Kellogg is a sales representative for Xerox and his territory includes St. Louis and the surrounding suburbs. One of his accounts is Cintas, which offers a wide range of products to businesses. Travis was working with the Cintas division manager, Kiera Valentine, to gain her approval to purchase a networked printer and copier for the local office. The price of the printer/copier including installation would be $5,490, but Kiera has a spending limit of $5,000. She and Travis try to negotiate how Xerox can get the order and Kiera can get the printer but stay within her division’s budget. Eventually, they agreed to a deal of $5,000 for the printer/copier, plus Cintas would deliver and maintain welcome mats or rugs in Xerox’s St. Louis office.  Travis and Kiera successfully utilized _____ to facilitate the exchange.
A.trade
B.credit
C.money
D.bartering
E. negotiation
3. 
Morgan Stokes, a division 3 collegiate volleyball player, wears a lot of athletic apparel such as shorts, yoga pants, tights, and tops.  She loves having the latest styles and colors but likes to save money too.  Morgan has discovered that she can purchase the top quality brands such as Nike and Under Armour at Academy Sports + Outdoors.  The store is not as large as Dick’s Sporting Goods, but Morgan believes the selection, price point, and level of quality is very competitive.  She enjoys purchasing name-brand items at 25% to 30% savings compared to Dick’s Sporting Goods.  Which of the following best describes Morgan and her selection of Academy as her preferred store for sports apparel?
Morgan Stokes, a division 3 collegiate volleyball player, wears a lot of athletic apparel such as shorts, yoga pants, tights, and tops.  She loves having the latest styles and colors but likes to save money too.  Morgan has discovered that she can purchase the top quality brands such as Nike and Under Armour at Academy Sports + Outdoors.  The store is not as large as Dick’s Sporting Goods, but Morgan believes the selection, price point, and level of quality is very competitive.  She enjoys purchasing name-brand items at 25% to 30% savings compared to Dick’s Sporting Goods.  Which of the following best describes Morgan and her selection of Academy as her preferred store for sports apparel?
A. Prestige-sensitive
B. Price-conscious
C. Efficiency-conscious
D. Quality-conscious
E. Value-conscious
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