
Marketing Chapter 3
Business
10th - 12th Grade
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29 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The point where supply and demand for a product or service are equal is called market price.
T
F
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Individuals who purchase products and services to satisfy needs are producers.
T
F
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The United States has many characteristics of a free economy.
T
F
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a need or want is particularly important or strong, a consumer might be willing to spend more money to satisfy
T
F
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
If a business operating as a monopoly is unregulated by the government, it can charge any price it chooses. The
consumer either pays the price set by the business or goes without the product.
T
F
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
The law of supply states that when the price of a product is increased, less will be supplied; when the price is
decreased, more will be supplied.
T
F
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Products that provide great satisfaction have a higher economic utility, whereas those providing less satisfaction
have a lower utility.
T
F
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