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?

1. more and less
2. supply and demand
3. salary and inflation
4. high and low

Question 2 of 3

When would you expect a product to have a lower price?

1. supply is low and demand is high
2. the product is brand new
3. stores sell out of the product quickly
4. supply is high and demand is low

Question 3 of 3

Which of these is NOT a factor that affects how prices are set?

1. having a coupon for an item
2. the quantity available in the marketplace
3. taxes and government regulations
4. consumers’ buying patterns

Check your answers online at https://wonderopolis.org/wonder/How-Are-Prices-Set.