BF10 2.02 Study

The Candy Store is selling more and more chocolate each quarter. Applying the law of supply and demand, what is most likely to happen over the next few quarters?

• The price will increase, and the supply will increase.

• The price will decrease, and the supply will increase.

• The price will increase, and the supply will decrease.

• The price will decrease, and the supply will decrease.

To prepare for effective decision-making that ensures the efficient delivery of products to the marketplace, one should study:

• marketing.

• economics.

• job outlooks.

• supply chains.

Economic resources that help people be more productive are:

• human resources.

• natural resources.

• capital goods resources.

• nonrenewable resources.

The economic resource where people work to produce goods or services are:

• capital goods.

• human resources.

• natural resources.

• noneconomic goods.

A characteristic of a seller’s market is:

• lower profits.

• higher prices.

• larger supply.

• smaller demand.

New Gear studied trends in the marketplace to price their jerseys. There was an abundance of jerseys remaining after meeting the demand creating which market condition?

• equilibrium

• rationing

• shortage

• surplus

A form of demand for products in which changes in price correspond to changes in demand is:

• consumer

• elastic

• equilibrium

• inelastic

Elastic demand is more likely when the good is:

• a luxury

• imported

• lower price

• inexpensive

ABC Corporation bought a new conveyor belt. What type of good is the conveyor belt?

• capital good

• natural good

• public good

• consumer good

The Brooks Company produces sneakers and studies trends in the marketplace to price their sneakers. The Brooks Company supplied as many sneakers as consumers demanded to create which market condition?

• equilibrium

• rationing

• shortage

• surplus