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Demand and Supply #1 - Junior Cycle Business Studies Flashcards | StudBud
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Demand and Supply #1 - Junior Cycle Business Studies
Demand and Supply #1 - Junior Cycle Business Studies
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Demand and Supply Chapter 30 Junior Cycle Business Studies
Flashcards
15 cards
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Questions
15
Answers
1
In a monopoly market...
there are no barriers for more sellers to enter the market
consumers have a wide choice of goods
sellers may increase prices as they have no competition
2
In a perfect competition market...
each seller supplies a small part of the market & can't influence the price
sellers may increase prices as they have no competition
3
What is Demand?
the quantity of product suppliers are prepared to sell at different prices
the quantity of product consumers are prepared to buy at different prices
4
For price discrimination to exist, the market must be....
an imperfect market
a monopoly market
a perfect market
a perfectly imperfect market
5
Markets where competition exists between sellers are good for consumers because it usually results in lower prices!
False
True
6
What is price discrimination?
selling the same product at different prices to different consumers
selling the same product at the same price to all consumers
selling different products at the same price to all consumers
7
Things other than price, like advertising can also have an effect on the demand for a product.
True
False
8
In an imperfect competition market...
sellers try to make their goods stand out from competitors' products
sellers may increase prices as they have no competition
9
In a monopoly market there are many providers of the same product or service.
False
True
10
What is Supply?
the quantity of product consumers are prepared to buy at different prices
the quantity of product suppliers are prepared to sell at different prices
11
The Law of Demand states that as the price of a good increases the quantity demanded will...
increase
stay the same
decrease
12
The Law of Demand states that as the price of a good decreases the quantity demanded will also decrease
True
False
13
In an imperfect competition market...
there are many sellers of a similar product
there is only one seller of a product
there are many sellers of an identical product
14
In a perfect competition market...
there are many sellers of an identical product
there is only one seller of a product
there are many sellers of a similar product
15
In relation to Demand & Supply, what is a market?
Where buyers and sellers can exchange goods and services
Where goods and services are bought and sold illegally
Where we buy our fruit and veg
