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3.02 Warm Up Questions

3.02 Warm Up Questions. Utility. Belk’s Department Store has introduced a new layaway policy for the Holiday Season. This is an example of which type of utility? Information Possession Form Place. Utility.

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3.02 Warm Up Questions

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  1. 3.02 Warm Up Questions

  2. Utility • Belk’s Department Store has introduced a new layaway policy for the Holiday Season. This is an example of which type of utility? • Information • Possession • Form • Place

  3. Utility • Mike buys a new pair of pants and the store offers to shorten the hemline for him at no extra charge. The alteration is which type of utility? • Place • Time • Possession • Form

  4. Supply and Demand • When the demand for a product rises, the price will typically . . . • Increase • Decrease • Stay the same

  5. Supply and Demand • When demand decreases, the price usually • Increases • Decreases

  6. Fill in the blank • The condition in which demand is greater than the supply . . . ___________________ • The usefulness or added value of a product in satisfying wants and needs. ______________ • When a change in price of a product results in changes in demand for that product. _______ • When a change in price of a product does not affect the demand for that product. _________

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