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Marketing Charts - Chapter 3 Flashcards | StudBud
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Marketing Charts - Chapter 3
Marketing Charts - Chapter 3
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Marketing Charts - Chapter 3
Flashcards
29 cards
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Practice quiz
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Questions
29
Answers
1
Time utility results from:
making products available when customer want them.
changes in the parts of the product to meet customer needs.
making the product affordable to the target market.
none of these choices.
2
Natural resources, capital, equipment, and labor are all classifications of:
microeconomics
economic resources.
macroeconomics.
none of these choices.
3
Effective marketing relies more on creativity and less on principles and concepts of economics.
False
True
4
Economic utility is the amount of profit businesses make from selling a product.
FALSE
TRUE
5
The point at where supply and demand for a product are equal is known as:
economic leverage.
the market price.
the fair price.
the demand curve.
6
According to law of demand, when a price of a product _______ the product demand will _______.
decreases; increase and increases; decrease are correct.
decreases; increase
increases; decrease
increases; increase
7
If businesses of an oligopoly work together, they will be like a monopoly.
False
True
8
An oligopoly is the opposite of pure competition.
False
True
.
9
The quantity of a product produced that are provided at a specific price is known as demand.
FALSE
TRUE
10
A private enterprise economy is heavily regulated by government.
FALSE
TRUE
11
Macroeconomics is to microeconomics as:
all of these choices.
demand is to supply.
the forest is to the trees.
the microorganism is to the elephant.
12
The economy of the United States is best described as:
a controlled economy.
a private enterprise economy.
a free economy.
none of these choices.
13
Changes in a product's physical features affect its __________ utility.
form
place
time
possession
14
When a price of a product increases, less quantity will be purchased. This is known as which:
the law of the land
the law of economic utility
the law of demand
the law of supply
15
Economic resources are classified as natural resources, capital, equipment, and consumers.
TRUE
FALSE
16
Wants will always be less than the available resources, everyone's wants will be met.
False
True
17
Consumers have limited resources and unlimited needs and wants.
FALSE
TRUE
18
The law of demand dictates that when the price of a product is decreased:
less will be produced.
less will be demanded.
more will be produced.
more will be demanded.
19
A larger supply of a product will usually cause consumers to place a lower value on it.
FALSE
TRUE
20
In pure competition, there are a large number of suppliers offering which of the following?
unique products
an unlimited supply of products
very similar products
somewhat different products
21
Unlimited wants and needs combined with limited resources result in:
an oligopoly.
none of these choices.
pure competition.
scarcity.
22
An economic market is made up of:
all consumers and suppliers in a country.
all suppliers of a particular product or service.
all consumers who will purchase a particular product.
23
The government is most likely to attempt to regulate:
pure competition.
monopolistic competition.
oligopolies.
monopolies.
24
Form utility results from:
making products available where the customer wants them.
making the product affordable to the target market.
none of these choices.
making the product available when the customer wants it.
25
Businesses have more control over price when there are few differences with competing products.
False
True
26
________ is the amount of satisfaction a consumer receives from a particular product/service.
The law of supply and demand
Oligopoly
Scarcity
Economic utility
27
Agricultural products such as soybeans and poultry are traditional examples of industries in:
a monopoly.
pure competition.
none of these choices.
an oligopoly.
28
Examples of businesses and products in monopolistic competition include all
except:
wireless telephone services.
restaurants.
soap.
movie theaters.
29
The law of supply dictates that when the price of a product is increased:
more will be produced.
more will be demanded.
less will be demanded.
less will be produced.
