Business Essentials Lesson 2.04 Study Review

Which of the following is a factor affecting a product’s utility to the individual customer:

Demand for a good is more likely to be elastic when the good is

Which of the following is characteristic of a seller’s market:

Marc wants to figure out how much changes in price will affect his business’s sales, so he pays attention to

When several big box stores move into a an area causing sales at a small store to decline what factor affects supply?

A business owner changes the price of a product causing a major change in the # of people buying the product. Demand is

When less expensive substitutes for a product are readily available, then demand for that product is likely to be more

What might businesses do if they expect prices to increase substantially in the future?

Most businesses strive to supply goods and services in direct proportion to

Which of the following might cause supply of a good to decrease:

You don't belive a car is worth the ticket price and the salesmen said custormers feel the same does demand exist?

Price of Bluetooth speakers increases, quantity of Bluetooth speakers offered for sale will increase This is the law of

Marcy is ready to buy a new computer and she has saved up enough money to buy the model she wants. This is an example of

A business is selling more and more large-screen televisions each month.Based on supply and demand what should happen?

Which of the following describes inelastic demand:

The price of complementary products has an effect on

A local neighborhood has many houses for sale at a low price,but demand for the houses is low.What kind of market exists

A team of employees are responsible for researching potential demand brand-new product. What factor will alter demand

Which of the following factors may influence supply:

Which of the following might prevent your firm from producing a product demanded that has two other producers. :

Which of the following determines whether consumers can purchase goods or services:

People often buy goods and services in order to maintain the quality of life and living conditions that they are used to

One reason why the supply of certain products has been eliminated is because of

Quantity of a good or service that producers are able and willing to offer for sale at a specified price at a given time

Even though gasoline prices increased 15 cents per gallon, Alice continued to buy gas so that she could ma