5.01E Objective B Quiz 11/12/2020
- Due Nov 12, 2020 at 11:59pm
- Points 99
- Questions 9
- Available until Nov 14, 2020 at 11:59pm
- Time Limit None
Instructions
Listed on this quiz are ten (10) events that could have some influence on the supply and demand of a product. Read each of the events and decide
(a) which factor affecting supply or demand is represented, and
(b) indicate if it would affect the buyers or the sellers.
The factors are shown on the assignment page and are also available here for your reference. The first has been done as an example.
Factors Affecting Demand: utility, buying power, price of substitutions (other goods and services), price of complementary products, number of consumers, standard of living, and expectations
Factors Affecting Supply: production costs, number of producers, future prices, disasters and emergencies, government, technology
EXAMPLE:
Event #1 - A company introduces a new product intended to help college students improve their ability to take tests.
Answer: utility; buyer [The utility factor has a strong impact on consumer demand because they buy what is useful.]