How does scarcity affect customers?
(1 point)
Responses
Limited money forces consumers to make choices.
Limited time prevents customers from making decisions.
Limited numbers of producers force customers to be loyal.
Limited wants and needs limit customers to small purchases.
Limited money forces consumers to make choices.
When are equilibrium prices achieved?
(1 point)
Responses
when demand is greater than supply
when demand is greater than supply
when sellers break even
when sellers break even
when supply equals demand
when supply equals demand
when supply is greater than demand
when supply equals demand
Question
A company introduces a printer that does not require ink cartridges. As a result, the price of printers that use ink drops. What is another likely outcome?
(1 point)
Responses
The price of ink cartridges goes up.
The price of ink cartridges goes up.
The price of ink cartridges drops.
The price of ink cartridges drops.
The demand for ink cartridges goes up.
The demand for ink cartridges goes up.
The supply of ink cartridges drops.
The supply of ink cartridges drops.
The price of ink cartridges goes up.
According to the law of demand, what role do low prices serve for buyers?
(1 point)
Responses
supply
supply
reward
reward
substitute
substitute
penalty
reward
Two grocery stores are located in the downtown area of a small city. The first offers excellent prices for buying large bulk quantities. The second does not have bulk offers, but offers lower prices on single items.
Use the passage to answer the question.
Why would both these stores attract a good number of customers?
(1 point)
Responses
Customers value different types of deals.
Customers value different types of deals.
Customers have different brand loyalties.
Customers have different brand loyalties.
Customers patronize both stores to maintain competition.
Customers patronize both stores to maintain competition.
Customers do not have the information to choose the best option.
Customers do not have the information to choose the best option.
Customers value different types of deals.
Which situation is more likely to occur in a market economy than a command economy?
(1 point)
Responses
People line up for cheap but scarce products.
People line up for cheap but scarce products.
A student is guaranteed a job out of college.
A student is guaranteed a job out of college.
An inventor designs and produces a new type of car.
An inventor designs and produces a new type of car.
A committee chooses which farms should receive new tractors.
A committee chooses which farms should receive new tractors.