SV Marketing Chapter 3 Part 3

The basic economic problem is

• scarcity

• monopolies

• consumers

• capitalism

The point where supply and demand for a product are equal is known as

• the demand curve

• the market price

• the supply curve

• The points are never equal

If there are no alternative products to satisfy consumers’ needs,

• the supply will be large

• the price will be low

• supply and demand are unaffected

• consumers will pay more

A business without competitors operates in a(n)

• pure competition market environment

• oligopoly market environment

• monopoly market environment

• monopolistic competition market environment

As a consumer, you will usually choose the

• least expensive option

• option providing the most satisfaction at the best value

• option that provides the highest quality

• most readily available option

In a market where demand exceeds supply

• consumers can expect to pay higher prices

• businesses will want to increase supply

• some consumers will not be able to satisfy their needs

• all are correct

The United States has many characteristics of a market economy.

• True
• False

In this kind of economy, the government owns and controls important resources and makes the decisions about what will be produced and consumed. 

• controlled 
• free 
• market 
• mixed

A relationship between the quantity of a product consumers are willing and able to purchase and the price is called _______________.

• value
• demand
• scarcity
• Consumers use value to decide supply

Marketers are most concerned with _______________________.

• microeconomics
• megaeconomics
• minieconomics
• macroeconomics