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