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Supply, Demand, PED and YED Flashcards | StudBud

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Supply, Demand, PED and YED

13 terms·StudBud Administration·622 plays

Markets and marketing from theme 1

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Questions 13

Answers

1
The odd one out is?
Decline
Age
Maturity
Growth
2
A good with a positive Income elasticity of demand is said to be:
a service
a budget good
an inferior good
a normal good
3
Which is the odd one out?
Income levels
Government subsidies
Cost of labour
Cost of raw materials
4
Spot the odd one out:
Focus group
Census
Observation survey
Telephone survey
5
Define demand.
Ability to pay for a product.
The desire for a product and ability to pay for that product
Wanting a product
The desire for a product
6
The formula for Income elasticity of demand is:
% change in Quantity / % change in Price
Increase in incomes / population
Change in Y / Change in QD
% change in Quantity Demanded / % change in Income
7
Which is the odd one out
Prit Stick
Sofa
Sellotape
Hoover
8
What factor does not influence Price Elasticity of Demand?
Percentage of income spent on item
Availability of substitutes
Colour
Brand power
9
Setting price of a product high and dropping the price as other firms bring out similar goods?
Price skimming
Cost-plus
Penetration pricing
Price discrimination
10
What two factors shift the demand curve?
Rising incomes and falling price
Change in labour costs and advertising
Advertising and changes in income
Price and substitute products
11
Where supply and Demand intersect, this is known as?
quantity
price
umbrella
equilibrium
12
A benefit of primary market research is most likely to be:
It tends to be cheaper
Easier to collect
Tends to be out of date
It is carried out for a specific purpose
13
Spot the odd one out:
Little gem
Cash cow
Dog
Problem child