Case Study: Starting A Business Quiz Exam Questions (10 Terms) With Verified Definitions Updated 2024

Profit equals the total amount of money made minus The production cost The opportunity cost The revenue earned The price established {Ans: The production cost}Read the results from a survey of consumers in Anytown. Fourteen percent of participants desire a store that offers custom-made shoes Thirteen percent of participants plan to purchase a new phone in the next year Fifty-two percent of participants think an additional pizza place is needed Twenty-one percent of participants say they purchase bagels on a daily basis Based on the survey data, what will occur if a new pizza place opens? It will result in excess supply It will result in excess demand It will help to reduce the supply It will help to satisfy the demand {Ans: It will help to satisfy the demand}The chart shows a production possibilities schedule for Sabrina's Soccer Stan's Sporting Goods is a competitor that can manufacture seven soccer balls out of a possible ten, if it makes one soccer net. Which statement correctly compares the two businesses? Sabrina's Soccer has a comparative advantage over Stan's Sporting Goods because Sabrina's Soccer has a lower opportunity cost Stan's Sporting Goods has a comparative advantage over Sabrina's Soccer because