* not completed

. An economist defines demand as the quantity…

Customers would like to buy correct incorrect

Customers can afford correct incorrect

Customers want to and can afford to buy correct incorrect

The quantity available to buy correct incorrect

* not completed

. Bowman strategic clock assesses strategy in terms of:

Perceived benefits and costs correct incorrect

Perceived benefits and price correct incorrect

Perceived price and inputs correct incorrect

Perceived benefits and rivals correct incorrect

* not completed

. What does a demand curve show?

What customers want to buy all other things unchanged correct incorrect

The quantity demanded at different income levels correct incorrect

What consumers are willing and able to purchase at each and every price all other things unchanged correct incorrect

How much suppliers think they can sell at each price correct incorrect

* not completed

. What might bring about a change in the quantity demanded of a product?

An increase in income correct incorrect

An increase in the price of a substitute correct incorrect

An increase in price correct incorrect

An increase in advertising correct incorrect

* not completed

. Complete the sentence. If the price elasticity of demand for a product is -0.2 …

Demand is price elastic correct incorrect

An increase in price will increase revenue correct incorrect

A decrease in price will reduce costs correct incorrect

A fall in price by 10% will reduce quantity demanded by 2% correct incorrect

* not completed

. Which of the following statements is true?

The price elasticity of demand is constant along a demand curve correct incorrect

A price cut increases revenue when demand is price elastic correct incorrect

If the price elasticity of demand is -2, demand is price inelastic correct incorrect

The price elasticity of demand is likely to be low if there are many substitutes correct incorrect

* not completed

. What might cause an outward shift in the demand curve (i.e. a shift to the right) for a normal good?

A decrease in income correct incorrect

An increase in the price of a substitute correct incorrect

An increase in the price of a complement correct incorrect

An increase in supply correct incorrect

* not completed

. Complete the sentence. If the cross price elasticity of demand between two products is -5 …

The products are close complements correct incorrect

The products are close substitutes correct incorrect

The products are inferior goods correct incorrect

The products are Giffen goods correct incorrect

* not completed

. Complete the sentence. If the income elasticity of demand is -0.1 …

An increase in income by 10% increases demand by 100% correct incorrect

An increase in income by 10% decreases demand by 100% correct incorrect

An increase in income by 10% increases demand by 1% correct incorrect

An increase in income by 10% decreases demand by 1% correct incorrect

* not completed

. What does it mean if the cross price elasticity of demand is +0.1?

The products are close substitutes correct incorrect

The products are close complements correct incorrect

The products are distant substitutes correct incorrect

The products are distant complements correct incorrect

* not completed

. Complete the sentence. An inferior good …

Has a negative price elasticity and a negative income elasticity of demand correct incorrect

Has a positive price elasticity and a negative income elasticity of demand correct incorrect

Has a negative price elasticity and a positive income elasticity of demand correct incorrect

Has a positive price elasticity and a positive income elasticity of demand correct incorrect