stud
bud
Sign up
Log in
Home
Library
Explore
SAT
More
Supply & Demand Quiz Flashcards | StudBud
Explore
/
Supply & Demand Quiz
Supply & Demand Quiz
14 terms
·
StudBud Administration
·
3,272 plays
Marketing & Sports Marketing Standard 4 Pricing #supplyanddemand
Flashcards
14 cards
F
Practice quiz
P
Host live
L
Questions
14
Answers
1
The demand curve starts where, ends where, and slopes which way?
starts and stays vertical - straight up and down
starts lower left ends upper right slopes upward
Starts upper left ends lower right slopes downward
demand what
2
What happens to the supply of goods that producers are willing to produce when prices fall?
Diminishing marginal utility
Supply is constant
Firms supply more
Firms supply less
3
What is the volume or point at which cost/expenses and revenue are equal?
break-even point or volume
mid-point pricing
equilibrium
Law of Supply & Demand =
4
Money plays 3 roles in our economy they are
Inflation past monitoring
Unit of Account
Store of Value
medium of exchange
5
Why do professional athletes make so much more than school teachers?
Sponsors
We live in a morally bankrupt society.
Laws of Supply & Demand
Substitutes
6
What is the value put to a product or service called?
Price
Promotion
Product
Place
7
There is more demand than supply for STEM jobs in Utah (science, technology, engineering, math)
True - just look at Lehi with the Tech firms
True
False, we need more medical workers
True and due to the shortage wages are going up
8
Marketing segmentation is the act of
measuring the marketing mix or 4p's
slicing up the pie chart of market share
breaking down a mass market into groups that behave alike
marketing to the masses
9
Generally, when the price of an item falls, what happens to the demand for that product?
An increase in demand
demand falls as well
People substitute other goods
demand falls
10
The equilibrium point is the point where .....
supply is a shortage
There is a surplus, top of supply curve
everyone is happy
supply and demand curves cross
11
What happens to the demand for snakes when there is a rat or mice pests problem?
Demand falls
Demand stays the same
Demand rises - new curve shifted right
the point of demand moves along the curve- no new curve
12
What is a SWOT analysis?
Position graph
Strengths, Wisdoms, Opportunities, Thoughts,
Strengths, Weaknesses, Opportunities, Threats
The Swat team - Police
13
What is a position graph? What does it measure? How is it used?
Marketers measure perception & use this to do a market plan
It is better than survey marketing research
It is a visual tool to have fun
a graph that looks at profits and losses
14
The supply curve starts where and ends where and slopes which way?
starts in upper right & ends in lower left slopes down
it is a straight vertical line
Starts in the lower left & ends upper right - slopes upward
supply what?
