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In pure competition, a large number of suppliers offer very similar products.  : True. A business in monopolistic competition has no control over price if it wants to sell its products.  : False. In a monopoly, customers will pay a higher price because there are no alternative products to those of the supplier.  : True. A cable television company usually operates in a pure competition environment.  : False. The airline industry is an example of an oligopoly.  : True. The most common type of economic competition facing most businesses is pure competition.  : False. Businesses in monopolistic competition should focus on making their products different from and better than competitors' products: True. Each product in a specific market has its own supply and demand curves.  : True. The market environment in which a business without competitors operates is : a monopoly . The market environment in which most retail businesses operate is : monopolistic competition. As a consumer, you will usually choose the  : option providing the most satisfaction at the best value  . In a market where demand exceeds supply  : all are correct 

If the price of printers goes down, what happens in the market for ink cartridges: Demand increases.. Generally speaking, the lower the price, the greater the quantity demand: True. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. What are Substitute Goods: Items that may replace each other when used or consumed.. New robot technology increases productivity of car producers. What happens to market for cars: Supply shifts right. Price of cars increase. What happens to market for cars: No change in supply. Cost of steel increases. What happens to market for cars: Supply shifts left. The diagram represents a: increase in demand. Thousands of people leave a small town due to a factory closing down.  Sales at the local grocery store become slow. What causes this change: Change in the number of buyers. Which of the following is likely to increase the demand for peanut butter: News that insects have destroyed much of the peanut crop and that there will be less peanut butter on the shelves in three months.. What does the red solid line on the graph show: Surplus

A decrease in quantity demanded: results in a movement upward and to the left along a demand curve.. Which of the following would cause the demand curve to shift from Demand B to Demand C in the market for DVDs in the United States: a decrease in the price of DVD players. A decrease in the price of a good will: decrease quantity supplied.. Which of the following would not shift the supply curve for iphones: an increase in the price of iphones. The law of supply and demand asserts that: the price of a good will eventually rise in response to an excess demand for that good.

introduction to business

Identify, Satisfy, Retain Customers: Roles of Marketing. A Brand is: All of the above. Marketing 4 C's: Consumer Solution, Communication, Convenience, Cost. The centerpiece of the marketing strategy is : Target Market. First phase of market research: Indentify problem to solve. Detailed description of your current customers : Customer Profile Dimensions. Clear, Compelling, Differentiating : Value Proposition. Situational, Personal, Psychological, Social: Factors that influence purchasing decisions. 4 P's of Marketing: Product, Promotion, Place, Price. What is the first step in the new product development process: Generate ideas. What phase of the product life cycle has the highest cost and lowest profit: Introduction. At this stage in the product life cycle, sales volume peaks, market saturation is reached, and more competitors enter the market: Maturity

Which economic indicator is best described as Gross National Product minus inflation and depreciation: Net National Product. Gross domestic product is equal to the market value of all final goods and services:: produced domestically during a period.. Which of the following expenditures would not be included in GDP: Purchase of a silver cup previously sold new in 1950.. Personal consumption expenditures include:: all goods and services bought by households.. In the circular flow model,: money flows from the households to the firms through the product market.. All final goods and services that make up GDP can be expressed in the form:: . Personal income minus personal taxes is:: disposable personal income.. The period between the peak and the trough is the _____; the period between the trough and the peak is the _____: recession; expansion. The unemployment rate equals the number of persons:: unemployed divided by the number in the labor force.. Inflation is defined as an increase in:: the average price level.. What usually happens to inflation during a recession: it decreases. Which of the following is not a component of the business cycle: decline. A worker who was laid off due to a downturn in the business cycle would be considered: cyclically unemployed.. Logan loses his job cooking pizza when a robot can do it faster and at a lower expense.  Which type of unemployment is he experiencing: Structural. A good way to measure standard of living is by calculating: per capita GDP

This quiz explores concepts of resources, demand, supply, scarcity, economic systems (command, market, mixed, traditional), and their impacts on pricing and decision-making in various scenarios.

This part of the market determines DEMAND: buyers. This part of the market determines SUPPLY: sellers. For the law of demand, as price rises, what happens to quantity demanded: it goes down. For the law of supply, as price rises, what happens to quantity supplied: it goes up. When quantity supplied and quantity demanded is equal: equilibrium. If a price is above equilibrium price, it creates a..: surplus. If a price is below the equilibrium price it creates a..: shortage. What does this curve represent: supply. What could cause the shift from D1 to D2: A change in preferences. This graph represents...: Changes in demand. The point in the middle of the two curves represents or shows....: Market Equilibrium. Cold weather in Florida has damaged this year’s orange crop. Farmers have only half of the usual amount of oranges to sell. What will happen to the price of oranges: The price will go up.. Farmers in California have had wonderful weather. They have produced the largest crop of watermelons in years. What will happen to the price of watermelons: The price will go down.. New technology advances the rate at which furniture can be assembled. Why does this change the supply: There is a change in cost of production.. Which statement expresses a central idea of how the laws of supply and demand work: Prices are determined by the interaction of producers and consumers.. When companies compete in a market economy, what is usually the result: Consumers are able to buy goods for the best available price.. If the price of a substitute to good X increases, then: The demand for good Y will increase. . If the demand for X decreases, then the demand for the complementary good Y will..: Decrease. When the supply of a product or service goes up and the demand stays the same the Price will typically do what? : fall. Mr. Sherman goes to the ticket booth to buy tickets for a Lakers game. Mr. Sherman is told that the game is sold out and no tickets are available. Which best explains why there are no basketball tickets available? : The demand for tickets was greater than the supply.. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. What is the equilibrium quantity in this graph: 600. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . Change in quantity demanded due to a change in price that alters a consumers real income : income effect . In Jim's household, everyone consumes and enjoys milk. Recently, the price on milk increased by two dollars, but despite this increase, Jim and his family still continue to buy the same amount of milk, for they consider it a necessity. Jim's family's demand for milk would be considered fairly: inelastic. When the price on Dasani bottle water decreased, Brad quit buying Nestle bottled water and switched over to Dasani. Brad's demand for Nestle water is fairly: elastic

When a price ceiling is in place keeping the price below the market price, which is true of the quantity demanded & quantity supplied: Quantity Demanded is greater. An effective price floor must be set above equilibrium, resulting in:: a surplus. If the government set the price at $700, would that be a price ceiling or floor: Price Floor . If the government set the price at $300, what would be the result: Shortage of 4,000. If the government creates a price floor of $80, which one of the following statements is correct: . If the government creates a price ceiling of $30, which one of the following statements is correct: There is a shortage of 100. If the Market price is $50,, which of the following is True of Quantity Supplied and Quantity Demanded: . What would result if the price were set at $1.75: Surplus, Quantity Supplied is greater. A review of the jargon: Is the minimum wage a “price ceiling” or a “price floor: price floor. A review of the jargon: Is rent control a “price ceiling” or a “price floor?”: price ceiling. When a price ceiling is in place keeping the price below the market price, what’s larger: quantity demanded or quantity supplied: Quantity demanded. Suppose the government sets a price ceiling of $80. How large will the shortage be: 4 million coats. Suppose again that the government sets a price ceiling of $80 and that people line up to get this good. For how long will people wait in line to obtain a coat if they value their time at $10 an hour: 4 hours. Price ceiling is a legal maximum price for a product. : True. Price ceiling is located above the equilibrium price. : False