Marketing Chapter 7.1

What term refers to the total amount of a product that is available to consumers?

• market supply

• market demand

• equilibrium

• nonprice competition

Which term describes the total amount of a product that consumers are willing and able to purchase at various prices?

• market supply

• market demand

• equilibrium

• profit motive

What is the term for the point at which the quantity demanded and quantity supplied are equal at a certain price level?

• market supply

• market demand

• equilibrium

• specialization

Which term is used to describe the incentive that drives individuals and businesses to make decisions that improve their material well-being?

• law of supply and demand

• equilibrium

• profit motive

• nonprice competition

What term refers to the process of concentrating on and becoming expert in a particular subject or skill?

• equilibrium

• profit motive

• specialization

• nonprice competition

What term describes strategies used by businesses to win over customers without directly reducing prices?

• market supply

• law of supply and demand

• profit motive

• nonprice competition

Which of the following are market forces that affect market economies?

• Supply and demand

• Profit motive

• Competition

• All of the above

In a market economy, who decides what and how much to produce?

• The government

• Business owners

• Consumers

• External suppliers

In a market economy, who decides what to buy and how much they are willing to pay?

• The government

• Business owners

• Consumers

• External suppliers

Are the decisions of business owners and consumers in a market economy influenced by market forces?

• Yes, they are influenced by market forces

• No, they are completely independent

• Only consumers' decisions are influenced

• Only business owners' decisions are influenced