F291 Opportunity cost, demand and supply quiz 3.0 / 5 based on 1 rating ? Business StudiesASOCR Created by: Daisy JudgesCreated on: 29-12-12 22:08 What is opportunity cost? The cost of an alternative choice 1 of 10 If you spent your lunch going to the shop instead of carrying on working, what would be the opportunity cost? If you carried on working, could have done more work and made new connections within the business 2 of 10 The market has two groups buyers and producers False - Buyers and Sellers 3 of 10 Concept of BLANK AND BLANK explains relationship between buyers and sellers, fill the blanks Demand and Supply 4 of 10 Demand is ... The quantity that people are willing to buy a product at a particular price 5 of 10 Supply is ... The quantity that will be supplied at a certain price 6 of 10 Give two factors which will increase demand Successful advertising and sale price 7 of 10 If income increases, how does demand for inferior goods change? Less is bought 8 of 10 If demand for an Apple MacBook increases, what is likely to happen for demand for Apple Security Software? Increase as it is a related product 9 of 10 Give two factors affecting supply Cost of production and Technology 10 of 10
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