Effects of Prices

Dropdown

What does Amazon do when an item is in high demand?

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Drag and Drop

How often can Amazon change the price of items on its site?

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Once a week

Multiple times a day

Once a month

Once a year

Multiple Choice

What strategy does Amazon use to encourage customers to buy more?

• Offering discounts on all products

• Increasing prices on complementary items

• Selling only exclusive items

• Free memberships for frequent buyers

Dropdown

What does Amazon's algorithm consider when multiple sellers list the same item?

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Drag and Drop

How does Amazon's pricing strategy affect their customer's shopping habits?

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Promotes only in-store purchases

Trains them to not look elsewhere

Encourages single-item purchases

Trains them to shop elsewhere

Open Ended

What would happen to the equilibrium price of concert tickets for a band if the band became wildly popular? 

Explain your answers.

Open Ended

1. 1. What is equilibrium price? 

2. 2. What is the only place where price is stable? 

3. 3. What are gains from trade?

Drag and Drop

What is the primary goal of buyers in a market economy?

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To sell products at high prices

To find good deals at low prices

To maximize government intervention

To exchange goods without profits

Drag and Drop

What do sellers hope for in a market economy?

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To buy products at low prices

To minimize their profits

To hope for high prices and large profits

To achieve quick sales regardless of profit

Multiple Choice

Why are adjustments necessary in a market economy?

• Because the government requires it

• To reach a compromise between buyers and sellers

• To ensure all products are sold

• To eliminate competition

Multiple Choice

What is the equilibrium price in the context of supply and demand?

• The price at which the quantity supplied is less than the quantity demanded

• The price at which the quantity supplied is greater than the quantity demanded

• The price at which the quantity supplied equals the quantity demanded

• The price set by the government in a controlled market

Drag and Drop

What happens at the equilibrium price?

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There is a surplus of goods

There is a shortage of goods

There is neither a surplus nor a shortage of goods

The market becomes unregulated

Multiple Choice

What does the term "surplus" refer to in economics?

• A) A situation where quantity demanded is greater than quantity supplied at a given price

• B) A situation where quantity supplied is greater than quantity demanded at a given price

• C) A situation where the price of a product is at its lowest

• D) A situation where the market is in perfect equilibrium

Multiple Choice

What might indicate that the price of a product is too high?

• A) The product sells out immediately

• B) The price is lower than the cost of production

• C) Suppliers have a large amount of the product unsold at the end of the day

• D) Consumers demand more of the product than is available

Drag and Drop

What tends to happen when the price of an item is too high according to the concept of equilibrium?

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A) The demand increases

B) The price remains stable

C) The surplus forces the price down

D) The government intervenes

Multiple Select

Which of the following is a cause of price fluctuation?

• A) Consistent supply and demand

• B) Decreased marketing efforts

• C) Trade promotions

• D) Long-term contracts

• Supply chain management

Dropdown

Which of the following is NOT a factor that affects demand?

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Drag and Drop

What often experiences wide swings in prices from one year to the next?

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Technology sector

Agricultural sector

Real estate sector

Automotive sector