Business

Changing a goods form involves which of the following

Adding a new feature to the good

When supply is greater than demand, a ____ often develops

Buyers market

What is one factor that will determine how much a customer is willing to pay for a good or service?

Buying power

In possession utility a consumer finds a product helpful after doing what

Buying the product

Prices set higher than equilibrium price will result in

Excess supply

What exists when producers produce more than buyers are willing and able to buy

Excess supply

After a mild dry winter the supple of sleds should be ___ than demanded. Therefore the price would be___.

Greater; decreased

A store sells t-shirts for $10. Which of the following would be the most likely to occur if all other factors remain the same, and there is a demand for the t-shirts at $10

If the price is lowered, the volume of sales will go up

What usually happens to the demand for a good or service when the price increases

It decreases

To be able to charge competitive prices in our economy producers must combine resources and technologies to produce

Items at the lowest cost possible

What do producers often do when supply is greater than demand?

Lower prices

Excess demand and excess supply cause changes in

Market price

Any factor that causes changes in supply and demand will cause changes in

Price

What is the amount of money for which and item sells in the competitive marketplace?

Price

What are those incentives in our economy that encourage producers to change and reallocate their resources?

Profits

To provide utility a product must

Provide satisfaction

Which of the following is an example of a chance in the relative price ratio when the original price of red apples is $0.60 per pound, and the original price of green apples is $0.80 per pound

Red apples @ $0.90 per pound; green apples @ $0.80 per pound

A product that provides utility for one business may provide none for another business because utility is completely

Relative

Which of the following is a business comparing when it analyzes the cost of buying wood desks versus the cost of buying metal desks

Relative price

To discover a products level of utility businesses measure the consumers

Satisfaction

When demand is greater than supply, a ____ often develops

Sellers market

Task utility is about making changes to the characteristics of a

Service

Many cellular phone companies offer free minutes at night and on weekends because during those times

Supply is greater than demand

Which of the following is an example of the substitution effect

The price of blu Ray disc players went up recently so Francis decided to buy a standard DVD player instead

Excess demand is eliminated when the selling price reaches the point at which consumers are willing to buy ___ producers have to sell

The same quantities that

How do producers answer the economic question of what to produce in a market economy?

They produce products that are the most profitable

Kara orders a dress for her school dance on Saturday. If the dress doesn't arrive until next Monday it has no ___ utility

Time

How much a consumer is willing to pay for a product depends partly on the consumers opinion of the products

Value