Pearl Exchange Activity Full - Demand and Supply

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Business
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11th Grade - University
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Hard
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10 questions
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1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the primary goal of buyers and sellers in a free market?
To increase taxes
To minimize costs
To maximize consumer and producer surplus
To avoid negotiations
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is consumer surplus calculated?
The total amount spent by the consumer
The difference between the selling price and the cost price
The profit made by the seller
The difference between what a consumer is willing to pay and what they actually pay
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
In the negotiation example, what was the agreed selling price of the phone?
$150
$300
$175
$200
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is a key strategy for buyers during negotiations?
Offer a price higher than the maximum
Avoid asking questions
Know the actual worth of the product
Always accept the first offer
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What happens if a buyer and seller do not reach an agreement in the market activity?
Both take a loss equivalent to their maximum or minimum price
The buyer pays a penalty
The transaction is postponed
The seller pays a penalty
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What was the effect of the mysterious virus on the market?
No effect on the market
Decreased supply of pearls
Decreased demand for pearls
Increased supply of pearls
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
What is the result of a surplus in the market?
Demand increases
Prices increase
Supply decreases
Prices decrease
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