Marketing Chapter 3 Review

Producers of agricultural products such as soybeans & poultry are traditional examples of industries in:

Changes in the tangible parts of the product or service to meet customer needs is:

The law of supply dictates that when the price of a product is increased:

A private enterprise economy is characterized by:

Because wants and needs will always be less than resources, everyone's wants and needs will be met balanced.

According to the law of demand, when the price of a product ____ the demand for the product will ___________

An economic market is made up of:

The economy of the United States is best described as:

Macroeconomics is to microeconomics as:

A type of market where one supplier is offering a unique product is.

If the business of a(n) _ work together, they will be like a monopoly exercising a great deal of control in the market.

Effective marketing relies more on creativity and less on the principles and concepts of economics.

An airline is an example of a business in monopolistic competition

The law of demand dictates that when the price of a product is decreased:

The point at which supply and demand for a product are equal is known as the economic leverage point.

In ___, seller must accept the market price because the product being sold is similar to other products on the market.

Unlimited wants and needs combined with limited resources result in:

The government is most likely to attempt to regulate

Time utility results from:

_____ is the amount of satisfaction a consumer receives from the consumption of a particular product or service.