FINAL EXAM REVIEW - Principles of Business Marketing & Finance

Supply and demand are _____ related.

• Not

• Rarely

• Inversely

• Uniformly

Which of the following does the law of supply assume?

• Nothing is constant

• Producers try to maximize their profits

• Lower price means larger quantity supplied

• Higher price means larger quantity demanded

If the price of hamburgers rise, but the price of hot dogs remains the same, which are suppliers more likely to supply?

• Hamburgers

• Hot Dogs

Which term describes the level of satisfaction derived from consumption of a good?

• Marginal cost

• Elasticity of supply

• Utility

• Equilibrium

When marginal cost is graphed, it creates which of the following?

• Upward slope

• Downward slope

• Bell curve

• U-shaped curve

Which of the following measures the responsiveness of producers to a price change?

• Marginal cost

• Elasticity of supply

• Utility

• Equilibrium

Customer willingness depends on which of the following?

• Advertising and promotion

• Prices and personal financial habits

• Inflation and currency conversion

• All of the above

The place where the supply curve intersects the demand curve is known as which of the following?

• Marginal cost

• Elasticity of supply

• Utility

• Equilibrium

Which of the following are the beginning step in the manufacturing process?

• Builders

• Manufacturers

• Traders

• Producers

When considered low, the economy shows a rising currency value. Which of the following terms describes this occurrence?

• Interest rate

• Inflation

• Public debt

• Deficit