1. ______ refers to selling to two or more different buyers, within a reasonably short time, commodities (not services) of like grade and quality at different prices where the result would be to substantially lessen competition.
a. Price discrimination
b. Penetration pricing
c. Price fixing
d. Bait pricing
2. Which of the following happens if demand is elastic?
a. The purchasing power of the consumer decreases.
b. As price goes up, consumer demand changes.
c. Products will not have any substitutes.
d. The competition between organizations reduces.
3. In the context of ethics in other countries, which of the following statements is true?
a. Prosecutions under the Foreign Corrupt Practices Act have significantly declined.
b. Usage of illegal payments is accepted and expected in various countries.
c. Corruption seldom occurs in international business dealings.
d. Ethical beliefs vary widely from culture to culture.