Other questions in this quiz

2. Why do firms use break even analysis?

  • to measure a loss over a period of time
  • to calculate in advance the level of output needed to break even
  • to measure profit

3. Definition of want?

  • Something that is desired
  • Something that you need
  • Something that you is essential

4. Define what is meant by Price Skimming?

  • Some firms set their prices the same as their competitors
  • this strategy uses a high price to enter the market. Even though the price is high, some people may still be eager to try a new product once sales from the group of people disappear the price of the product can decrease to attract new customers.
  • this strategy uses a low price to enter the market & gain market share

5. Factors two things would cause a shift in supply?

  • Changes in costs of Production & changes in Government legislation Tax
  • Changes in Income & changes in FTP's
  • Changes in population & changes in population




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