Marketing Chapter 3 Review

Question 1

The most common type of economic competition facing most businesses is monopolistic competition.

Accepted Answer

True

Question 2

The opposite of pure competition is oligopoly

Accepted Answer

False

Question 3

Changes in the tangible parts of a product or service affect a product’s

Accepted Answer

form utility

Question 4

Economic resources can be classified as

Accepted Answer

all of the above

Question 5

Resources are unlimited.

Accepted Answer

False

Question 6

The demand curve for a business in a purely competitive market

Accepted Answer

appears straight

Question 7

Businesses in an oligopoly will have to cooperate to raise prices.

Accepted Answer

True

Question 8

All of the consumers who will purchase a particular product or service comprise a(n)

Accepted Answer

economic market

Question 9

The wants and needs of consumers are limited

Accepted Answer

False

Question 10

Effective marketing relies on the principles and concepts of

Accepted Answer

economics

Questions 10