Definitions(Easy)
Supply Demand Rules(Hard)
Random(Average)
Applied(Super Easy)
Real-world(Average)
100
What is supply
A. What you need to do a project
B. How much does a consumer buys
C. How much product is available for the consumer
D. None of the above
C
100
What happens to prices when there is an increase in supply
(Double or Nothing)
The prices go down so people will buy the product. They want to make an Equilibrium to bring up the demand or nobody will buy it and cause a surplus.
100
What is odd even pricing
The ending digits of a price like
19.99, 6.25
20.00, 19.80
100
When the market for coffee brands goes down what will they do
Employee:
Supply:
Pricing:
Employee: Will be fired or put on breaks to cut the cost of expenses(Depending on contract)
Supply: They will buy less supply or stay the same depending on pricing
Pricing: They will decrease the price or not depending on the supply
100
During Inflation what will companies do
at least 2
Fire employees
Increase prices
Lower supply
new target market
200
What is profit
A.Professional Fitness
B. How much you make overall
C. How much you make after all deduction
D. All of the Above
C
200
What happens to the price when demand in the market is high
The prices increase because more people need the supply that, they will be willing to pay a little bit more for the same thing
200
What is Profit Margin
A. How much do you make on the side of your main product
B. The cost of running the business and how much money it brings in for the company
C. A strategy for company to change a plan to make the most moeny as possible
D. A Startegy to start making new products that will bring in more money
B
200
If the supply of phones is $ 700 each and the distribution cost is $20 each and Phone companies sell them for $710 what will happen?
For each phone sold the company is losing $10 gaining no profit. They will either batch deliver it or increase the price to at least $720 and above to have a break-even point or start making a profit
200
What will companies do in a recession
At least 2
Decrease prices
reduce hiring
Depending/Applying for a loan since rates drop but harder to find a bank that's willing to lend
No more employee raises
Lay off employees
300
What is Demand
Consumers desire to pay for a product
300
What happens when there is a surplus in supply
Decrease in price to increase demand. or make a advertisement promotion
300
You get this for free
There is no free lunch someone will always pay for it
300
Mary buys a car from a mean salesman who charges her 12% over the original price of a $15,000 car. Luke buys the same car from a much nicer salesman who gives him an 8% discount on the original price. How much more does Mary spend on the car than Luke does?
$3000
12% of 15,000 is 0.12 * 15,000 = 1800.
8% of 15,000 is 0.08 * 15,000 = 1200; therefore in total, Mary spent 1800 + 1200 = $3000 more.
300
You lose 300
Someone is paying for it
400
What is a break-even point
A. When the CEO halves the credit to 2 employees
B.When your net income is 0
C. When your GF breaks up with you and evenly distributes the assets of both
D. When 2 companies compete, the consumer chooses both of the companies
B
When you don't gain money but you're also not losing money
400
What happens when there is less demand in the market
Supply of the product goes down or the price of the product goes down
400
Name some examples of penetrating pricing
(Offering a new product or service at a low initial price to gain customers' attention.)
Subscriptions free trial
Limited time sales
Lower prices
etc...
400
A Cellphone company wants to sell its newest models(Price Lining) but also wants to sell other products along with it what kind of strategy can they use
Price lining: releases many versions of the same product
Price Bundling
400
A new company that sells children's toys comes into the toy market and sells its products lower than everyone else and also lower than how much it takes to produce the product. What strategy are they using
Loss Leader
500
Free Points
There is no free lunch someone will always pay for it
500
What is an Equilibrium in supply and demand
when the prices supply and demand all touch at a point on the graph.
Supply won't be too much demand won't be too low and pricing will be fair
500
You lose 500
Someone is paying for it
500
A company that sells peelers for fruits and vegetables wants to increase sales what adjustments can they do in local stores to increase in sales?
Put it in the organic section so it's convenient to find and see
Decrease prices to out-compete other products that selling the same thing
500
Elon musk builds a new car and prices it at $100,000 but the function and materials of the car are the same as a $70,000 car but with a new name. What strategy is Elon using
Precise pricing. He puts the value at a higher cost to get the perception that the car is of higher quality.