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WorksheetsUtility, Supply and Demand quiz
Total questions: 50
Worksheet time: 50mins
To provide utility, a product must
be innovative
be economical
look appealing
provide satisfaction
A fixed value in a mathematical formula and the speed of light in science are examples of
constants
layaway
utility
the marketing concept
Individual customers view products through
corporate filters
personal lenses
constant lenses
general viewpoints
A product that provides utility for one business may provide none for another business because utility is completely
constant
irrelevant
relative
unchanging
To discover a product's level of utility, businesses measure the consumer's
perspective
satisfaction
attitude
desire
Changing a good's form involves which of the following:
Getting the good to the retailer
Adding a new feature to the good
Making sure the good is available early
Providing an easy way to buy the good
Task utility is about making changes to the characteristics of a
job
service
project
good
Kara orders a dress for her school dance on Saturday. If the dress doesn't arrive until the next Monday, it has no __________ utility.
time
possession
form
place
Where a product is available for purchase is referred to as
the right location
the setting
place utility
product display
In possession utility, a consumer finds a product helpful after doing what?
Using the product
Buying the product
Upgrading the product
Selling the product
The marketing concept is all about the
marketer
customer
wholesaler
retailer
What role does utility play in the implementation of the marketing concept?
A delivery process
A cost-saving tool
A payment method
A satisfaction gauge
Marketers are in charge of
manufacturing new products
studying and analyzing customer satisfaction
maintaining adequate stock levels throughout the year
making sure that the finished product gets where it needs to be
For a consumer to be satisfied, the four types of utility must be
promoted
produced
profitable
present
It's important for businesses to provide products when
customers need them
marketers need them
it's convenient for the business
it's convenient for retailers
With place utility, when do businesses move the product to the right place?
At the end of the process
Whenever they can
At every point in the process
When delivery costs are low
Marcus wants to buy a laptop, but he can't afford one right away. So, an electronics store holds it for him until he's able to pay the outstanding balance. This payment process is known as
layaway
credit
a business discount
a loan
If a customer can't afford a product, a business should
suggest that the customer visit another store
focus on customers who can afford it
encourage the customer to buy something else
do whatever it takes to help the customer afford it
When Jacqueline doesn't feel like going to the store to buy her textbooks, she orders them online. Which type of utility does this illustrate?
Form/Task
Place
Time
Possession
The Internet creates/enhances form utility by
offering online shopping
providing television streaming as an alternative to cable
providing customers with product information
allowing goods to be found and purchased quickly
What is demand?
The quantity of a good or service that consumers are willing and able to buy at a given price and time
The quantity of a good or service that producers are willing and able to offer for sale at a given price and time
The price at which a good or service is sold in the market
The amount of money consumers have to spend on a good or service
What is supply?
The quantity of a good or service that consumers are willing and able to buy at a given price and time
The quantity of a good or service that producers are willing and able to offer for sale at a given price and time
The price at which a good or service is sold in the market
The amount of money consumers have to spend on a good or service
What is the law of demand?
The quantity of a good or service that consumers will buy varies inversely with the price of the good or service
The quantity of a good or service that consumers will buy varies directly with the price of the good or service
The quantity of a good or service that consumers will buy remains constant regardless of the price
The quantity of a good or service that consumers will buy is unrelated to the price
What is the law of supply?
The quantity of a good or service that consumers will buy varies inversely with the price of the good or service
The quantity of a good or service that consumers will buy varies directly with the price of the good or service
The quantity of a good or service that producers will offer for sale varies inversely with the price of the good or service
The quantity of a good or service that producers will offer for sale varies directly with the price of the good or service
What is the law of supply and demand?
The supply of a good or service will increase when the demand is great and decrease when demand is low
The supply of a good or service will decrease when the demand is great and increase when demand is low
The supply of a good or service will increase when the demand is low and decrease when demand is great
The supply of a good or service will decrease when the demand is low and increase when demand is great
What is a buyer's market?
A market where the price of a product is low due to high demand
A market where the price of a product is low due to low demand
A market where the price of a product is high due to high demand
A market where the price of a product is high due to low demand
What is a seller's market?
A market where the price of a product is low due to high demand
A market where the price of a product is low due to low demand
A market where the price of a product is high due to high demand
A market where the price of a product is high due to low demand
What does it mean for demand to be elastic?
Demand changes when prices change
Demand remains constant regardless of price changes
Demand is influenced by the availability of substitute products
Demand is influenced by the consumer's income
What does it mean for demand to be inelastic?
Demand changes when prices change
Demand remains constant regardless of price changes
Demand is influenced by the availability of substitute products
Demand is influenced by the consumer's income
What is the goal of businesses in terms of price?
To find the highest possible price that consumers are willing to pay
To find the lowest possible price that consumers are willing to pay
To find the equilibrium price where quantity demanded equals quantity supplied
To find the price that maximizes their profits
What factors can influence the demand for a product?
Price and availability of substitute products
Price and consumer's income
Availability of substitute products and consumer's income
Price, availability of substitute products, and consumer's income
What factors can influence the supply of a product?
Price and availability of substitute products
Price and consumer's income
Availability of substitute products and consumer's income
Price and profitability for producers
What is the relationship between price and demand for elastic goods?
As price increases, demand decreases
As price increases, demand increases
Price has no effect on demand
Demand remains constant regardless of price changes
What is the relationship between price and demand for inelastic goods?
As price increases, demand decreases
As price increases, demand increases
Price has no effect on demand
Demand remains constant regardless of price changes
What is the main difference between elastic and inelastic demand?
Elastic demand is influenced by price changes, while inelastic demand remains constant
Elastic demand remains constant, while inelastic demand is influenced by price changes
Elastic demand is influenced by the availability of substitute products, while inelastic demand is not
Elastic demand is influenced by consumer's income, while inelastic demand is not
What is one of the major factors that affect demand?
Price
Utility
Buying power
Number of producers
Which of the following factors influence a consumer's idea of utility?
Age, gender, occupation, education, and income
Advertisements, commercials, and store displays
Peer pressure
All of the above
What is buying power?
The amount of money available to consumers
The price of other goods and services
The number of consumers in certain groups
Consumer expectations
How does the price of complementary products affect demand?
It increases demand for the main product
It decreases demand for the main product
It has no effect on demand
It depends on the type of product
What factor influences a consumer's decision to buy or not to buy?
Standard of living
Consumer expectations
Number of consumers
All of the above
What happens to demand if consumers expect prices to drop?
Demand increases
Demand decreases
Demand remains the same
Demand is unpredictable
What is one of the major factors that affect supply?
Cost of production
Number of consumers
Consumer expectations
Government regulations
How does the number of producers affect supply?
It increases supply
It decreases supply
It has no effect on supply
It depends on the type of product
What factor affects supply when businesses expect prices to increase?
Cost of production
Number of producers
Future prices
Disasters and emergencies
How do disasters and emergencies affect supply?
They increase supply
They decrease supply
They have no effect on supply
It depends on the type of disaster or emergency
What effect does government regulation have on supply?
It increases supply
It decreases supply
It has no effect on supply
It depends on the type of regulation
How does technology affect supply?
It increases supply
It decreases supply
It has no effect on supply
It depends on the type of technology
What is one example of how technology has decreased supply?
Handmade products
Rotary phones
Mimeograph machines
Personal home computers
What industry has seen a decrease in prices over time?
Technology
Automobiles
Healthcare
Food and beverages
What is one factor that affects demand for certain products?
Price
Utility
Buying power
Number of producers
