Question

1. Price is the only factor that's relevant when a demand curve shifts to the right. True or False?

2. Data sets that are asymmetrical may have greater variances around the mean. True or False?

3. Suppliers primary objective in most markets are to produce good and services at a profit. True or False?

4. In most markets that don't have restrictions, price is perhaps the best signal to communicate value to consumers. True or False?

5. Rent seeking takes place in jobs situations, corporations seeking favorable legislation and may even take place in classrooms. True or False?

Answer 1

Ques 1 ) TRUE

A shift in the demand curve is due to the price of the product itself, whereas a movement along the demand curve is due to factors other than price.

Ques 2) FALSE

The variances will near the mean make the data symmetrical, whereas if the data points are spread far away and in one of the direction, it can make data asymmetrical.

Ques 3) TRUE

The suppliers primary aim is to earn profit unless its an NPO.

Ques 4) TRUE

Price is considered to be a strong factor to communicate value to customers.

Ques 5 ) TRUE

It maybe prevalent in jobs, schools and other organisations and relationships. If in classrooms, say the teacher is not entirely involved in imparting education and just cares for her salary.