SupplyDemand Quiz

The point at which the supply and demand for a product intersect is referred to as:

• Equilibrium Price

• Demand Market Price

• One Unit of Sale

• Selling Point

Changes in the price of a good or service can be caused by:

• Changes in Government Regulation, Demand Change, Store Cleanliness

• Changes in Government Regulation, Demand Change, Supply Change

• Changes in Government Regulation, Store Cleanliness, Supply Change

• Demand Change, Store Cleanliness, Supply Change

Another name for free enterprise is:

• Capitalism

• Communism

• Socialism

• Traditionalism

Producing and selling 4,000 water bottles

• Manufacturing

• Retail

• Service

• Wholesale

A business who sells large quantities to retailers

• Manufacturing

• Retail

• Service

• Wholesale

Providing a personal training session for working out

• Manufacturing

• Retail

• Service

• Wholesale

Selling one item to a consumer

• Manufacturing

• Retail

• Service

• Wholesale

What needs considered when calculating Cost of Goods Sold (COGS)?

• Labor Cost, Material Cost

• Material Cost, Selling Price

• Labor Cost, Selling Price

• Selling Price, Supply Changes

It takes 4 employees two hours EACH to produce a golf club set. The company pays the employees $10/hr. The materials for the clubs costs $50. What is the COGS?

• $90

• $130

• $180

• $10

Producing a product

• Manufactoring

• Retail

• Service

• Wholesale