WONDER #1067: How Are Prices Set?
Question 1 of 3
What are the two basic principles that determine the price of a good or service?
- more and less
- supply and demand
- salary and inflation
- high and low
Question 2 of 3
When would you expect a product to have a lower price?
- supply is low and demand is high
- the product is brand new
- stores sell out of the product quickly
- supply is high and demand is low
Question 3 of 3
Which of these is NOT a factor that affects how prices are set?
- having a coupon for an item
- the quantity available in the marketplace
- taxes and government regulations
- consumers’ buying patterns
Check your answers online at https://wonderopolis.org/index.php/wonder/How-Are-Prices-Set.