Marketing Chapter 3

What is the relationship between supply and demand?

• Randomly related

• Inversely related

• Unrelated

• Directly related

What are the four types of economies?

• traditional, command, market, and mixed

• capitalist, socialist, communist, and feudal.

What is perfect competition?

• A market structure with only one buyer and one seller.

• A market structure with differentiated products.

• A market structure with many buyers and sellers, homogeneous products, perfect information, no barriers to entry or exit, and no individual firm has control over the market price.

• A market structure with high barriers to entry and exit.

What is monopolistic competition?

• Market structure with many sellers offering differentiated products

• Market structure with few sellers offering identical products.

• Market structure with one seller offering a unique product.

• Market structure with no competition and only one seller.

What is oligopoly?

• A market structure characterized by a large number of small firms dominating the industry.

• A market structure characterized by a single firm dominating the industry.

• A market structure characterized by a small number of large firms dominating the industry.

• A market structure characterized by perfect competition among firms.

What is monopoly?

• A card game where players compete to acquire and control the most properties and wealth.

• A video game where players compete to acquire and control the most properties and wealth.

• A puzzle game where players compete to acquire and control the most properties and wealth.

• A board game where players compete to acquire and control the most properties and wealth.

What is economic utility?

• The amount of money earned from selling a good or service.

• Satisfaction or value derived from consuming a good or service.

• The cost of producing a good or service.

• The physical characteristics of a good or service.

What are the four types of economic utility?

• value utility

• quantity utility

• form utility, place utility, time utility, and possession utility

• information utility

What is form utility?

• Value added to a product or service by changing its form or appearance.

• Value added to a product or service by changing its color.

• Value added to a product or service by changing its location.

• Value added to a product or service by changing its price.

What is place utility?

• Value derived from the marketing of a product or service.

• Value derived from the price of a product or service.

• Value derived from the quality of a product or service.

• Value derived from the location or accessibility of a product or service.