Price Fluctuations and Pricing Strategies

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Who are the buyers in the market?

Consumers, businesses, and government (correct)

Only businesses

Only government

Only consumers

According to the theory of demand and supply, what determines the price and quantity sold of a commodity or service in a market economy?

The market mechanism

Both the demand and supply sides of the market (correct)

The supply side of the market

The demand side of the market

What are some examples of events that can cause prices to change in a market?

New discoveries and pandemics (correct)

Demand and supply

Changes in weather and wars

Market mechanism

What are the forces that make market economies work?

Demand and supply Signup and view all the answers

Why is it important for business firms to know how much of their products would be wanted by buyers during a given period of time?

To produce goods and services to be sold in the market Signup and view all the answers

According to the law of demand, what is the relationship between price and quantity demanded?

Inverse relationship Signup and view all the answers

Who worded the law of demand as 'When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price'?

Alfred Marshall Signup and view all the answers

What does the demand curve represent?

The relationship between price and quantity demanded Signup and view all the answers

What is the shape of the demand curve?

Downward sloping Signup and view all the answers

What does the law of demand describe?

The direction of change in quantity demanded Signup and view all the answers

Which of the following best describes the law of demand?

There is an inverse relationship between price and quantity demanded. Signup and view all the answers

How does the law of demand describe the relationship between price and quantity demanded?

Price and quantity demanded move in opposite directions. Signup and view all the answers

Price Fluctuations and Pricing Strategies

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Questions and Answers

Who are the buyers in the market?

According to the theory of demand and supply, what determines the price and quantity sold of a commodity or service in a market economy?

What are some examples of events that can cause prices to change in a market?

What are the forces that make market economies work?

Why is it important for business firms to know how much of their products would be wanted by buyers during a given period of time?

According to the law of demand, what is the relationship between price and quantity demanded?

Who worded the law of demand as 'When we say that a person's demand for anything increases, we mean that he will buy more of it than he would before at the same price, and that he will buy as much of it as before at a higher price'?

What does the demand curve represent?

What is the shape of the demand curve?

What does the law of demand describe?

Which of the following best describes the law of demand?

How does the law of demand describe the relationship between price and quantity demanded?

According to the law of demand, what happens to quantity demanded when price increases?

How is the law of demand represented on a graph?

What does the law of demand describe in terms of the quantity demanded?

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