Markets and Consumers (Junior Cert Business Studies): Quizzes
📚Quizzes
Practise the questions
12 questions from this quiz
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Practise the questions
12 questions from this quiz
What is a market?
What is a market?
A place where buyers & sellers trade
Which of these is an example of a virtual market?
Which of these is an example of a virtual market?
Amazon
How does competition between sellers benefit consumers?
How does competition between sellers benefit consumers?
Lower prices, better quality, more choice
What is a monopoly?
What is a monopoly?
Only one supplier in a market
Which company operates as the sole rail transport provider in Ireland?
Which company operates as the sole rail transport provider in Ireland?
Iarnród Éireann
What can sellers do when there is little competition?
What can sellers do when there is little competition?
Charge higher prices
What is price discrimination?
What is price discrimination?
Same product at different prices
Which is an example of price discrimination?
Which is an example of price discrimination?
Student cinema discounts
What condition is needed for price discrimination?
What condition is needed for price discrimination?
Separate customer groups
What is demand?
What is demand?
Quantity consumers buy at different prices
What is supply?
What is supply?
Quantity suppliers sell at different prices
What happens to prices when demand is high and supply is low?
What happens to prices when demand is high and supply is low?
Prices rise