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What is the main purpose of a market?

a. to allow people to exchange goods and services
b. to set prices for goods and services
c. to help producers get human resources
d.to increase competition between buyers and sellers

A

A relative price compares _________________.

a. the price different sellers ask for the same good.
b. the price that buyers pay to the price that sellers ask.
c. the price of one good or service to another.
d. the price that a seller wants to pay to the price that the seller actually pays.

C

Julie wants to buy an autographed graphic novel for her brother's birthday, but she cannot afford it. What would be the most likely substitute for this good?

a. an autographed baseball
b. an unsigned graphic novel
c. a book about the author of the novel
d. a set of drawing supplies

B

Malik cuts lawns in his neighborhood to earn some extra money. His neighbors agree to pay him $15 to take care of their lawns for the week, and at that price, Malik is willing to set aside enough time to take care of four lawns. After a few heavy rainstorms that cause the grass to grow more quickly, several of Malik’s neighbors offer him $20 to cut their lawns. What effect could this price increase have on Malik’s lawn-cutting business?

a. Malik will not need to cut lawns anymore.
b. Malik will be willing to charge more people less money.
c. Malik will cut lawns every day instead of just once a week.
d. Malik will be willing to take care of more lawns that week at the higher price.

D

What is the most likely competitor for a company that manufactures gym shoes?

a. Gym Socks 'R' Us
b. Best Sneakers
c. Totally T-Shirts
d. Soccer Pros

A

  • SS -

    I agree with all of your answers except the last one.

  • SS -

    Then, is it b? What I think is that if people want gym shoes, then they probably want gym socks as well. So, wouldn't the sock company have to adjust prices similar to how the gym shoe company does it?

  • SS -

    Please make sure you know what a competitor is.

  • SS -

    Competition takes place between sellers of the same or similar product, so a does not apply here.

  • SS -

    Right. So b must be the answer.

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