8unax a. Customer satisfaction is marketer's goal b. Customers' needs have to be understood by marketers c. Customer's needs must be fulfilled d. All are true
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- 1. An increase in the expected price of oil would likely A. increase both the current demand and the current supply of oil. B. decrease both the current demand and current supply of oil. C. increase the current demand but decrease the current supply of oil. D. increase the current supply but decrease the current demand of oil. E. not affect the current demand nor current supply of oil. 2. Which of the following will not shift a supply curve of a good? A. A change in the price of relevant resources used to produce the good. B. A change in the good's price. C. A change in the technology used in producing the good. D. A change in the number of sellers of the good. E. A change in taxes affect this good's industry.A given change in supply will yield a larger change in the quantity demanded the _____ a. more plentiful are substitutes for the good. b. longer the time frame under consideration. c. larger the percent of income spent on the good of interest. d. all of these answers are correct.diagram esplain kelith the aid of a the Concept of price, ixcome and Cross elasto prodke cer. to a
- Which of the following is not a factor affecting the demand for a specific good? a. Consumer income. b. Population and demographics. c. Tastes. d. Prices of input factors used to produce the good.a. b. Quantity of good Y C. d. 0 Y e. 8 X1 X2 X3 The total effect is the movement from X3 to X₂. X4 to X₁. X3 to X₁. X4 to X₂. X₂ to X4. Answer A Answer D X4 Quantity of good X Answer B Answer E || O Answer C XWhen a market is in equilibrium, which of the following is not correct Select one: a. the price determines which buyers and sellers participate in the market. b. those buyers who value the good more than the price choose to buy the good. c. those sellers whose costs are less than the price choose to produce and sell the good. d. the marginal cost of producing the last unit of the good is equal to consumers' marginal benefit from consuming the last unit e. the opportunity cost of producing the last unit of the good is equal to the absolute advantage of producing it.
- Table 7-3 Seller Dale Jill Cost $1500 $1300 Denise $1000 Catherine $950 Jackson $600 Refer to Table 7-3. If the price is $1100, who would be willing to supply the product? a. Denise, Catherine, and Jackson b. Catherine and Jackson X C. Dale and Jill d. Dale, Jill, and Denise1. Market Equilibrium How will the quantity and price of cars change in response to each of the following separate events? A. A new supply of oil is discovered and the price of gasoline decreases. B. The U.S. enters into a free-trade agreement that reduces the price of steel imports. C. The U.S. government funds the development of a better commuter rail system D. During the Great Recession, General Motors goes bankrupt and closes down. E. World War 3 breaks out and the government begins demanding more tanks. Fill out the table below. The answer for each blank should be either increase, decrease, or no changes. Event A. Gas price decreases B. Steel price decreases C. Commuter rail expands D. GM goes bankrupt E. Demanding more tanks Supply Demand Quantity Quantity (MC) (MB) Supplied Demanded Price Now, suppose that there are multiple events in the market. To be more specific, during the Great Recession, General Motors goes bankrupt and closes. At the same time, the U.S. government funds…Choose the letter of the correct/best answer. ____1. It summarizes the transactions between the consumer and producer. A. Circular Flow C. Interactions B. Illustrations D. Figures ____2. It shows that when price increases, quantity decreases. A. Law of Supply C. Law of Demand B. Law of the concept of Supply D. Law of the concept of Demand ____3. It shows that when price increases, quantity increases also. A. Law of Supply C. Law of Demand B. Law of the concept of Supply D. Law of the concept of Demand ____4. The relationship between price and quantity in the law of demand is _____. A. Positive C. Indirect B. Direct D. Negative ___5. The relationship between price and quantity in the law of supply is _____. A. Indirect C. Negative B. Direct…
- Examine the following pair of goods and determine which pair is an example for complementary goods? a. Tea and coffee b. Printer and paper c. Pen and pencil d. Pizza and burger1. Which of the following is true of any market? a. The interaction of demand and supply determines the price and quantity in that market. b. There must be a supply of the item but not necessarily a demand for the item. c. Demand and supply are always equal for an item. d. There must be a demand for the item but not necessarily a supply of the item. e. The market will always be in equilibrium 2. During the fall of 2015, many vacationers on cruise liners became ill while on board their ships. Consequently, there was a a. Decrease in the quantity demanded of cruise vacations but no change in the demand for cruise vacations. b. Decrease in the demand for cruise vacations. c. Increase in the quantity supplied of cruise vacations but no change in the supply of cruise vacations. d. Increase in the supply of cruise vacations. 3. Which of the following statements is false? a. As more buyers enter the market, the market demand curve shifts to the right. b. As income falls, the…Only 4 and 5