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The Economics of Supply and Demand Flashcards | StudBud
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The Economics of Supply and Demand
The Economics of Supply and Demand
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Questions
11
Answers
1
What does the law of Supply state?
Price goes down Supply goes up
Price goes up and Supply goes up
2
What are Price Lines?
Lines of Prices
Booking Agency
A line you wait in to get the price of your item
Categories of merchandise based on price, quality & features
3
Operating Expenses are....
Money used to buy a bussiness
Expenses
Things I don't need to know
All the costs associated with running your business
4
What is Loss-Leader Pricing
Taking a loss in turn to create more customer traffic
Losing a GM of a business
CEO of a business resigns
Falling out of first place of the Market Share
5
Select on of the two ways Government can influence pricing?
Taxation
Bait and Switch
Price Fixing
1. Antitrust Laws
6
What is a Markup?
Marking a piece of clothing for clearance
Setting up a customer service help line
The cost added to an item to cover operating expenses
The name of a famous track star
7
Which is not an illegal price practice?
Price Fixing
Bait and Switch
Price Discrimination
Pirce Discrimination
8
What is the Business Cycle?
A statemet of regulations that all business's follow
The ups and downs of Economy
The downs and ups of Economy
None of the Above
9
What is Inflation
The price of goods rise faster than consumer income
Inflating a Tire
The consumer income rises faster than the price of goods
None of the Above
10
Equilibrium is when.......
Price=Demand
Dogs=Cats
Demand=Supply
Supply=Price
11
What is the Shoulder Period?
The name of a professional football team
A part of the shoulder injured during a sporting event
The time you spend on the shoulder of the road
A period of moderate demand
