Microeconomics Pricing Strategies Quiz

What term is used to describe products or services required to support human life and activities that are purchased regardless of price variations?

In a situation where only a few individuals produce a certain product and any action of one has a significant impact on the others, it is referred to as:

When a commodity or service is supplied by numerous vendors with no barriers to entry for additional vendors, this market structure is known as:

Which term describes the amount that a willing buyer will pay to a willing seller when both parties have equal advantages and are not under compulsion to buy or sell?

What does utility refer to in economics?

In financial accounting, a summary of assets, liabilities, and net worth is known as:

What do we call a formal organization of producers within an industry forming a perfect collision to increase profit and block newcomers?

What is the term for the act of charging two or more buyers or sellers different prices for the same product based on different elasticities of supply or demand?

Which law states that an increase in variable factors beyond a certain point results in less than proportionate increase in output?

What do we call the decrease in value of a physical property over time due to wear and tear?

In business terms, what is the difference between the present worth and the future worth of an asset known as?

How would we classify an interest rate that represents the actual rate of interest on the principal for one year?

What is the term for a situation in which rival firms drive prices down through attempts to undercut each other’s price?

Which term refers to the price at which the quantity buyers want to buy is equal to the quantity sellers want to sell?

What is the term used to describe the length of time a property can perform its intended function?

In a market with only one buyer and no substitute goods, what type of market structure is present?

Which form of business ownership is a distinct legal entity separate from its owners and can engage in various business transactions?

Which term is NOT part of a balance sheet that shows the financial status of a company at any given time?