BUS 210 WEEK 9 KNOWLEDGE CHECK QUIZ / BUS210 WEEK 9 KNOWLEDGE CHECK QUIZ: GRADED A | 100% CORRECT |UNIVERSITY OF PHOENIX

WEEK 9 KNOWLEDGE CHECK

1.
What term best describes the buyers and sellers available for a particular product?

A. Market

B. Demand

C. Company

D. Supply


Correct:
The Correct Answer is: A.
“A market consists of all the buyers and sellers for a particular product” (Jones,
2007 , p. 13).


Concept: Law of Demand

, 2.
When looking at a demand curve for a particular product. The slope falls downward from
left to right. This slope shows which of the following:

A. As price decreases, quality increases.

B. As price decreases, quantity increases.

C. As quantity decreases, price decreases.

D. As price increases, quality increases.


Correct:
The Correct Answer is: B.
As the price for a good or service falls, the demand will increase with respect to the
quantity of goods or services purchased; looking at the demand curve, the slope falls
downward from left to right.