Question

if your company has a lot of competitors, what does that do to your demand? makes it less need - based makes it more elastic makes it more need - based makes it less elastic question 8 3 pts if you set an odd price for your product, hoping that customers will round down, what type of pricing strategy are you using? price skimming penetration pricing promotional pricing psychological pricing

Explanation:

For the first question, when a company has many competitors, consumers have more alternatives. So, demand becomes more responsive to price - changes (more elastic). For the second question, setting an odd price hoping customers round down plays on customer psychology, which is psychological pricing.

Answer:

Question 7: makes it more elastic
Question 8: psychological pricing