2024 – S1 - MNM2614 – ASSESSMENT 3 – Q&A
Assessment 3
Started on Monday, 6 May 2024,
State Finished
Completed on Monday, 6 May 2024,
Time taken 22 mins 3 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
Which ONE of the following BEST describes psychic costs?
a.
the actual monetary price of the product
b.
the effort required from the buyer to get delivery of a service
c.
the concern about whether the provider will perform as promised
d.
the waiting period involved in the delivery of products
Feedback
Your answer is correct. Review section 10.5, page 206 of the prescribed textbook,
and section 8.3, pages 91 and 92 of the study guide.
The correct answer is:
the concern about whether the provider will perform as promised
Question 2
to increase the price of its products by 15%, knowing that its customers will buy 10%
less. This would result in ______ demand.
a.
unitary
b.
elastic
c.
flexible
d.
inelastic
Feedback
Your answer is correct; review pages 280 to 282, section 14.3 in the prescribed
book.
1
, 2024 – S1 - MNM2614 – ASSESSMENT 3 – Q&A
The correct answer is:
inelastic
Question 3
Correct
SurveyMonkey, a well-known online survey development and cloud-based service
company, offers a free basic plan that allow users to create a survey of up to 10
questions and collect up to 100 responses. More advanced services, such as
unlimited questions and responses, advanced data exports and survey analysis, are
available at an extra cost or subscription fee. Which pricing model is SurveyMonkey
using?
a.
cost-based model
b.
freemium model
c.
razor-blade model
d.
value model
Feedback
Your answer is correct; review section 12.2.3, page 242 of the prescribed textbook
and section 9.2.1, pages 98 and 99 of the study guide.
The correct answer is:
freemium model
Question 4
Which ONE of the following options BEST describes a price-conscious consumer?
a.
A consumer who purchases only Gucci products
b.
A consumer who purchases only Mont Blanc pens
c.
A consumer who purchases clothing only from Pep Stores and Mr Price
d.
A consumer who purchases only "2 for the price of 1" offers at Woolworths
Feedback
Your answer is correct; review section 10.4, page 203, in the prescribed book and
Section 8.3.3, page 92 of the study guide.
The correct answer is:
2
Assessment 3
Started on Monday, 6 May 2024,
State Finished
Completed on Monday, 6 May 2024,
Time taken 22 mins 3 secs
Marks 25.00/25.00
Grade 100.00 out of 100.00
Question 1
Which ONE of the following BEST describes psychic costs?
a.
the actual monetary price of the product
b.
the effort required from the buyer to get delivery of a service
c.
the concern about whether the provider will perform as promised
d.
the waiting period involved in the delivery of products
Feedback
Your answer is correct. Review section 10.5, page 206 of the prescribed textbook,
and section 8.3, pages 91 and 92 of the study guide.
The correct answer is:
the concern about whether the provider will perform as promised
Question 2
to increase the price of its products by 15%, knowing that its customers will buy 10%
less. This would result in ______ demand.
a.
unitary
b.
elastic
c.
flexible
d.
inelastic
Feedback
Your answer is correct; review pages 280 to 282, section 14.3 in the prescribed
book.
1
, 2024 – S1 - MNM2614 – ASSESSMENT 3 – Q&A
The correct answer is:
inelastic
Question 3
Correct
SurveyMonkey, a well-known online survey development and cloud-based service
company, offers a free basic plan that allow users to create a survey of up to 10
questions and collect up to 100 responses. More advanced services, such as
unlimited questions and responses, advanced data exports and survey analysis, are
available at an extra cost or subscription fee. Which pricing model is SurveyMonkey
using?
a.
cost-based model
b.
freemium model
c.
razor-blade model
d.
value model
Feedback
Your answer is correct; review section 12.2.3, page 242 of the prescribed textbook
and section 9.2.1, pages 98 and 99 of the study guide.
The correct answer is:
freemium model
Question 4
Which ONE of the following options BEST describes a price-conscious consumer?
a.
A consumer who purchases only Gucci products
b.
A consumer who purchases only Mont Blanc pens
c.
A consumer who purchases clothing only from Pep Stores and Mr Price
d.
A consumer who purchases only "2 for the price of 1" offers at Woolworths
Feedback
Your answer is correct; review section 10.4, page 203, in the prescribed book and
Section 8.3.3, page 92 of the study guide.
The correct answer is:
2
