i ii. iii. iv. Which of the following are the features of a perfectly competitive market. Answer There are no entry or exit barriers Companies aim to maximise profits There is perfect information Products are homogeneous A. (i) and (i) B. (i) and (i) C. (i), (ii) and (iv) D. (i), (ii), (i) and (iv). (2 ma i. ii. iv. Answer Cost-based Competition-based Customer-based Margin based A. (i) and () B. (ii) and (i) 15. Which of the following three pricing approaches are likely to maximise profits: C. (i), (ii) and (iv) D. (i), (ii), (i) and (iv). (2 ma i. 16.Which of the following conditions may be considered suitable for a volume-discounting pricing strate Substantial sales margin allowing profits to be made even after discounting. Products have special features which make them unique iv. Answer Products with limited shelf life. Products are difficult to distinguish from competing products A. (i) and (ii) B. (ii) and (ii) C. (i), (iii) and (iv) D. (i), (i), (ii) and (iv). 17.Which pricing strategies are usually adopted at the start of the product life cycle? Skimming strategy Penetration strategy/ i. iii. Volume discounting strategy iv. Answer (2 mi Product-line pricing strategy A. (i) and (ii) B. (ii) and (ii) C. (i), (iii) and (iv) D. (). (i), (ii) and (iv). 18.Product line power is based on: L ii. iv. Answer Monopolistic power Cost differences between products Competitor prices v Customer evaluations of different features A. (i) and (ii) B. (ii) and (ii) C (ii), (iii) and (iv) D. (i), (ii), (ii) and (iv). (2 m (2m