Other questions in this quiz

2. A cost that change with the level of output

  • Expenditure
  • Fixed Costs
  • Variable Costs
  • Overheads

3. Which one of these is a non-price factor that would effect demand

  • cost of substitutes
  • Marketing
  • Cost of good itself

4. Define what is meant by Price Skimming

  • 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
  • Some firms set their prices the same as their competitors

5. Which one of these is an example of a variable cost

  • employees salary
  • Raw materials
  • Rent

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