Impact of Competition on the Quality, Quantity & Price of Goods

Instructions:

Choose an answer and hit 'next'. You will receive your score and answers at the end.

question 1 of 3

Can the demand of consumers affect the price of a product?

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1. What happens to the price of a product if there is a high competition among sellers?

2. Why does international competition affect quality?

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About This Quiz & Worksheet

To pass this quiz, you must have an understanding of the effects of competition, as well as the relationship between consumer and seller. The quiz questions are all in multiple-choice format.

Quiz & Worksheet Goals

Questions in this quiz pertain to the sales of goods and:

  • How competition and quantity help determine pricing
  • International competition
  • Consumer demand

Skills Practiced

  • Critical thinking - apply relevant concepts to examine information about supply and demand in a different light
  • Interpreting information - verify that you can read information regarding internal trade and pricing and interpret it correctly
  • Information recall - access the knowledge you've gained regarding factors that influence how much an item will sell for

Additional Learning

More on this subject can be found in the related lesson called Impact of Competition on the Quality, Quantity & Price of Goods. Here you will find information on how:

  • Monopolies are kept in check
  • Consumers help guide the cost of goods
  • Price increases effect sales
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