A shop receives the newest car model from a manufacturer with a suggested range of prices from $20,000 - $30,000. After negotiations, the car actually sold for $22,000. This price is known as which of the following?

Which of the following is an economic system where production, wages, and prices are determined via the application of the law of supply and demand, with little or no government regulations?

Which of the following assumes that people will generally make choices based on their own personal preferences and desired outcomes?

Total Points

Select an an

In a free market, and assuming rational choices are made, people usually respond to _______.

Which of the following best demonstrates an economic incentive?

The current prevailing price listed for a product in the marketplace is known as which of the following?

The price of one product or service as compared to another, expressed as a ratio between two prices is known as which of the following?

The price of one product or service as compared to another, expressed as a ratio between two prices is known as which of the following?

A customer sees a pair of jeans from a brand priced for $100 at one store. When they go to another store, they see a similar, but slightly lesser-quality pair of jeans for $40 less. The customer decides to buy the jeans that are $40 cheaper. This is best demonstrating which of the following?

Complete the sentence with the best term. _______ often conveys the level of quality of a product

The difference between the price a store purchases items from a manufacturer for and the sticker price the store sells them to customers for is known as which of the following?

Fluctuations in economic activity are known as which of the following?

The stages of a product that include introduction, growth, maturity, and decline make up which of the following?

During which part of the Product Life Cycle would a company add new markets?

During which part of the Product Life Cycle would a company use a profit-oriented pricing strategy?

During which part of the Product Life Cycle may a company choose to lower their prices to hang on to the existing market share?

When a company starts to run out of a product, so they choose to raise the price to price allocate, this is known as which of the following?

What are the four stages of the Product Life Cycle in order?

If you sell the Windy brand of bicycles and you find out the store across the street also sells the Windy brand, but at a lower price, if all other things like customer service are equal:

Companies often want to build, grow and maintain their _________________, because it is viewed as a key indicator of health and success of a company.