Reference no: EM133289281
Assignment:
1. Marissa decided to make graham balls and sell them online. On the first day of selling graham balls, few of her friends ordered but not all of the graham balls she made were sold. Because of this, she decided to make just the same amount of graham balls she made on the first day. Upon selling it online the second day, in just an hour all of her graham balls were sold but more of her friends and relatives are still ordering. The second day of Marissa selling online is an example of what situation?
a. Supply
b. Shortage
c. Surplus
d. Equilibrium
e. None of the choices
2. Elasticity of demand is defined as?
a. A measure of how suppliers react to a change in demand
b. A measure of how consumers react to a change in supply
c. A measure of how suppliers react to a change in price
d. A measure of how consumers react to a change in price
e. None of the choices
3. The following statements is/are TRUE about price adjustments:
a. The seller usually starts by coating a price that seemed unrealistically low
b. In a market economy, buyers & sellers have exactly the same goals: to make a sale and receive the goods
c. As long as the process is a competitive & transaction voluntary, the price will be just about right or the sale wouldn't take place
d. Prices for almost all goods & services in a market economy represent compromises between buyers & sellers to reach a final price
e. None of the choices
4. Which of the following statement/s is/are TRUE:
a. The market tends toward its own equilibrium
b. Equilibrium price should be reached to identify shortages and surpluses
c. In a purely competitive free enterprise system, the actions of buyers & sellers determine the prices
d. Fluctuations of prices due to surpluses & shortages will always be pushing the price in that direction
e. None of the choices
5. The seller usually starts by quoting a price that seemed unrealistically low
a. In a market economy, buyers & sellers love exactly the same goals to make a sale and receive the poochs
b. As long as the process is competitive & transaction voluntary, the price will be just about right or the sale wouldn't take place
c. Prices for almost all goods & services in a market economy represent compromises between buyers & sellers to reach a final price
d. None of the choices
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