Which situation is most likely to lead to the lowest prices?

Several producers compete to sell a good to the public

Billy wants to go the Drake Concert, but is told it's sold out & no tickets are available, Why?

The demand for the tickets was greater than the supply

New video games come out for christmas @ $60, what might happen to the price after christmas?

Sellers will lower their prices when demand slows.

What does competition mean for Consumers?

Consumers will have to spend less on the good or service

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Economic Prices

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A quiz to review what affects the price of a good or service

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Questions 10

Answers

1
Which situation is most likely to lead to the lowest prices?
Businesses secretly agree to share their profits
Several producers compete to sell a good to the public
Competition between businesses is prohibited
There is only one producer making the goods
2
Billy wants to go the Drake Concert, but is told it's sold out & no tickets are available, Why?
The demand for the tickets was greater than the supply
The concert producers charged too much money for each ticket
The supply of tickets was greater than the demand
Concert Producers forgot to print enough tickets
3
Trade routes are blocked between the Farmer & the store, what might happen at the store?
Vegetable prices will increase
The store will make Milk go on sale
The supply of eggs will increase
The store will export all of its vegetables to another store
4
New video games come out for christmas @ $60, what might happen to the price after christmas?
The price will stay at $60
Sellers will lower their prices when demand slows.
The price will rise until a new game comes out
The Price will go up for the new year and then fall
5
I made 100 cookies to sell, but only 20 people are coming, will the price be high or low?
High
Low
6
If Demand is high, what will be the price?
Low
Unchanged
High
Capital
7
What does competition mean for Consumers?
Consumers will get in trouble
Consumers will have to spend more on the good or service
Consumers will have to spend less on the good or service
Consumers will struggle to find new goods
8
If Nike makes 100 new Lebron's and 300 PCMS students want them, will the price be high or low?
low
high
9
Three stores in the mall have the same shirts for sale, will the price be high or low?
High
Low
10
If supply is high, what will be the price?
High
Unchanged
Low
Surplus

Economic Prices Flashcards | StudBud