posted by George on .
I am having a hard time with economics - we just started in my social studies class. Can I have help with my homework, please?
What phrase best defines competition? (1 point)
just one main buyer of a good or service
just one main seller of a good or service
many different goods or services for sale in a market
many buyers and sellers of one good or service
Greater competition among sellers usually leads to _____________ (1 point)
lower prices and fewer choices for buyers.
lower prices and more choices for buyers.
higher prices and fewer choices for buyers.
higher prices and more choices for buyers.
A popular cell phone manufacturer begins selling a new phone with many unique features. Lots of people want to buy the new phone. The old phone cost $149. What is the most likely price of the new phone? (1 point)
A shopping mall has one kiosk that sells baseball caps. The kiosk charges $14.99 for a cap. Then an identical new kiosk opens nearby that also sells baseball caps. This kiosk charges $9.99 for a baseball cap. On what basis are the two kiosks mostly competing? (1 point)
Which of the following is not an example of a way in which sellers use non-price competition? (1 point)
a clearance sale
advertisements with celebrities
employee customer service training
retail store renovations
After you've reread your assignment, please post the answers that YOU think are best. I'll be glad to check them for you.
Yes, Here are my answers, please check them.
1. C - many different goods or services for sale in a market
2. B - lower prices and more choices for buyers.
3. D $199
4. C -price
5. A - a clearance sale
All are right except for 1.
If there's a variety of goods and services for sale, this is not competition. Clothing stores don't compete with book stores. Bankers don't compete with pharmacies.
Thanks so much Ms. Sue! I definitely understand #1 with your example.
You're very welcome, George/Larry.