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Pricing Schools Business

Features Pricing Schools Business

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Are You a Savvy Consumer?

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Questions and Answers

How can consumers influence product prices?

By boycotting expensive products (correct)

By demanding more expensive products

By buying expensive products in bulk

By ignoring the price of products

What happens if significant numbers of consumers refuse to purchase goods considered dangerous to health?

The demand for these goods will increase

Entrepreneurs will produce more of these goods

The goods will become more expensive

The demand for these goods will decrease to the point where it is unprofitable for entrepreneurs to produce such products (correct)

Who determines what goods are to be produced according to the text?

Entrepreneurs

Consumers (correct)

Suppliers

The government

Which of the following actions can consumers take to force suppliers to reduce prices?

Switching to cheaper substitutes or refusing to purchase the product (A) Signup and view all the answers

What would happen if significant numbers of consumers refuse to purchase goods considered dangerous to health?

Entrepreneurs would stop producing such products (D) Signup and view all the answers

What can be said about the power of consumers in determining what goods are to be produced?

Consumers have limited power in determining what goods are to be produced (C) Signup and view all the answers

How can consumers influence the prices of products?

By refusing to purchase the product or switching to cheaper substitutes (C) Signup and view all the answers

What can happen if significant numbers of consumers refuse to purchase goods considered dangerous to health?

Demand for the product will decrease, making it unprofitable for entrepreneurs to produce such products (C) Signup and view all the answers

Who determines what goods are to be produced?

Consumers (D) Signup and view all the answers

Consumers have the power to influence product prices

True (A) Signup and view all the answers

If consumers refuse to purchase a product, suppliers may be forced to reduce its price

True (A) Signup and view all the answers

Entrepreneurs will continue to produce goods even if there is no demand for them

False (B) Signup and view all the answers

Are You a Savvy Consumer?

Choose a study mode

Podcast

Questions and Answers

How can consumers influence product prices?

What happens if significant numbers of consumers refuse to purchase goods considered dangerous to health?

Who determines what goods are to be produced according to the text?

Which of the following actions can consumers take to force suppliers to reduce prices?

What would happen if significant numbers of consumers refuse to purchase goods considered dangerous to health?

What can be said about the power of consumers in determining what goods are to be produced?

How can consumers influence the prices of products?

What can happen if significant numbers of consumers refuse to purchase goods considered dangerous to health?

Who determines what goods are to be produced?

Consumers have the power to influence product prices

If consumers refuse to purchase a product, suppliers may be forced to reduce its price

Entrepreneurs will continue to produce goods even if there is no demand for them

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