1. A cost that change with the level of output?
- Fixed Costs
- Variable Costs
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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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