QUIZZ 1

1. If innovation is only seen as a strong R&D capability, it will result in: technology which fails to
meet user needs and may not be accepted

2. Creating commercial value and social value are stages in a lifecycle of an organisation

3. Which of the following is NOT a source of strategic advantage through innovation?

a. Building more effective networks
b. Provide a different method of doing things
c. Introduce novelty in product or service offering
d. Expand scale of investment in R&D

4. Which of the following would not normally be considered a radical innovation?

a. The jet turbine engine
b. Increased colour choice on the Volkswagen 'Beetle' car
c. Integrated circuits
d. None of the listed options
e. Antibiotic drugs

5. Rethinking of services and meeting social needs are aspects of: innovation

6. Creative replication of a concept, an existing service or a product are principles for the
Duplication type of: Incremental innovation

7. Innovation does not happen in a vacuum, the context of innovation is shaped by: proactive
links

8. Entrepreneurs wanting to create value through radical innovations can take the: Extreme
makeover

9. Public health care services, such as hospitals, have experienced major improvements in
efficiencies around key targets such as waiting: innovation in meeting social needs

10. Regardless of the type of innovation be it disruptive or incremental, it remains fundamentally

an application of: Knowledge

11. One of the challenges in creativity is that it sometimes involves

a. none of the listed options
b. changing perspectives
C. all of the listed options
d. breaking the rules
e. seeing things differently

12. A rule of thumb is that new technology should have at least _________ feature/s that
promise/s to be ten times better that its rivals.
one
13. The creative process of mind map starts with the basic problem as the centre and generates
___________ in order to generate at a large number of different approaches.
b. associations

14. Which of the following is not a part of the creative process?

b. Software development

15. Chinese thinker Lao Tzu philosophy maxims often expressed all behaviour consists of
opposites

16. How many opportunities do not pass the product feasibility test because the innovation is
not genuinely novel, it can the entrepreneur does own the technology or somebody else,
somewhere else has already disclosed and/or patented it
b. about 50%
17. Ensuring all the possible elements of a problem are examined is
a. attribute listing

18. A good idea is _________ to start-up a business venture.

not enough

19. Which of the following is not considered a factor that influences creativity?
a. Resources
b. Autonomy
c. None of the listed options
d. Pressures
e. Encouragement of creativity

20. Which of the following is not considered part of a feasibility analysis to screen opportunities?
Process feasibility

21. Which of the following would not be a part of an organisation's micro-environment?

a. Suppliers
b. Customers
c. The economy
d. Competitors
e. Retailers

22. As part of their regular SWOT analysis, Dell computers reviews their strengths; the attributes
of Dell computers that: are internal factors that are able to be controlled

23. Marketing theories draw on many other disciplines including

a. all of listed options
b. economics
c. psychology
d. sociology
e. management

24. You purchase a can of drink for a friend. This makes you a customer
25. Political, economic, sociocultural, technological and legal factors are all a part of an
organisation's ___________ environment
b. Macro

26. Marketing is considered to be

a. none of the listed options
b. an art
c. all of the listed options
d. a learning process
e. a science

27. The external environment encompasses: people and processes that the organisation cannot
directly control
28. Which of the following should influence an organisation's marketing planning?
Organisational objectives

29. A customer's overall assessment of the utility of an offering based on perceptions of what is
received and what is given is known as: value

30. At Coca Cola, the marketing department regularly conducts analysis that involves breaking
the marketing environment down into smaller parts in order to better understand it. This is an
example of
d. environmental analysis

1. Economists generally share an agreement that ________________ accounts for a sizeable

proportion of economic growth.
Innovation

2. Which of the following combinations best describes incremental innovation?

a. steady improvements; based on sustained technologies; needs to be nurtured for long periods
b. immediate gains; based on disruptive technologies; develops customer loyalty
c. all the listed options That's not correct
d. based on sustained technologies; needs to be nurtured for long periods; creates new markets
e. can be rapidly implemented; based on sustained technologies; immediate gains
The correct answer is: can be rapidly implemented; based on sustained technologies; immediate
gains

3. Which of the following is NOT an example of product innovation?

a. A new car design
b. Computer-control of manufacturing operations Good work
c. A new version of the iPod
d. A new toothpaste
e. None of the listed options
The correct answer is: Computer-control of manufacturing operations

4. _________________ is considered as the purpose for innovation, whether expressed in growth,

sustainability, improvement of social welfare or in financial terms.
a. Nanotechnology
b. Entrepreneurship
c. Corporate venture
d. Creating value
e. Unexpected occurrences
The correct answer is: Creating value

5. A source of innovation within a company may emerge from an area of opportunty such as
a. Demographic changes
b. Shareholders interests
c. Customers feedback
d. Process needs Good work
e. Financial assistance
The correct answer is: Process needs
6. Creating commercial value and social value are
a. factors within inovation environment
b. examples of paradigm development That's not correct
c. elements of strategic analysis
d. incremental strategies
e. stages in a lifecycle of an organisation
The correct answer is: stages in a lifecycle of an organisation

7. Creating effective networks, outsourcing and coordination of a virtual organisation is an

example of
a. Strategic advantage
b. Creating dynamic capability
c. Perceptual changes
d. Creating social value
e. Meeting social needs
The correct answer is: Strategic advantage

8. Innovation does not happen in a vacuum, the context of innovation is shaped by

a. influential shareholders
b. proactive links
c. the size of the organisation
d. a marketing plan
e. all of the options listed
The correct answer is: proactive links

9. The 'bottleneck buster' approach works best in which of the following circumstances?
a. All of the listed options.
b. When customers are frustrated by their inability to get a job done, and competitors are either
fragmented or have a disability that prevents them from responding.
c. None of the listed options.
d. When customers are locked out of a market because they lack skills, access or wealth.
Competitors ignore initial developments because they take place in seemingly unpromising
markets.
e. When target customers don't need and don't value all the performance that can be packed into
products, and when existing competitors don't focus on low-end customs.
10. Innovation can take many forms, all involving a change of some kind. Which of the following
is NOT a form of innovation?
a. Product (or service) innovation - changes in what is offered to the world
b. None of the listed options
c. Price innovation - offering deals, price discounts and price competition Good work
d. Position innovation - changes in the context in which innovations are launched
e. Process innovation - changes in the way offerings are created and delivered
The correct answer is: Price innovation - offering deals, price discounts and price competition

11. The action of making an association between two unlike things in order to obtain new
insights is called
a. problem reversal.
b. scenario thinking.
c. forced analogy.
d. attribute listing.
e. brainstorming.
The correct answer is: forced analogy.

12. A business plan involves planning resources and developing a budget which is then
compared with sales projections to ascertain the true
a. market size that can be captured Good work
b. competitive situation in the market place
c. level of positioning
d. number of product attributes
e. all of the options listed
The correct answer is: market size that can be captured

13. When people are intrinsically motivated at their workplace they work towards achieving:
a. all of the options listed
b. higher pay
c. a promotion
d. none of the options listed
e. personal challenge
The correct answer is: personal challenge

14. Which of the following is not considered part of a feasibility analysis to screen opportunities?
a. Economic feasibility
b. Process feasibility Good work
c. Market feasibility
d. Product feasibility
e. all of the options listed
The correct answer is: Process feasibility

15. The minimum viable product is an approach for

a. None of the listed options
b. All of the listed options
c. Situational analysis
d. Designing dynamic capabilities
e. Implementing innovation
The correct answer is: None of the listed options

16. Extrinsic and intrinsic are two types of

a. mental pressures
b. concept ideas
c. personal skills
d. motivation
e. pattern recognition

17. Homing in on a single Best answer is an example of

a. Innovation under stress
b. Leadership approach
c. Conflict resolution
d. Convergent thinking
e. Problem reversal

18. The right hemisphere of the brain deals with

a. association
b. dreams That's not correct
c. recognising
d. rationality
e. facts

19. During the innovation stage knowledge is further refined through

a. research testing
b. feasibility test
c. networking
d. social networks
e. mind maps

20. Creativity is about

a. thinking skills That's not correct
b. none of the listed options
c. communication
d. all of the listed options
e. motivation
The correct answer is: all of the listed options

21. As part of your marketing PhD you decide to investigate factors affecting people's attitudes,
beliefs, behaviours, preferences, customs and lifestyles. These macro environmental forces
which you investigate are collectively known as
a. environmental forces
b. political forces
c. sociocultural forces
d. economic forces
e. technological forces

22. Which of the following would not be considered a partner in the formal definition of
marketing?
a. Retailers who sell an organisation's products That's not correct
b. An advertising agency who writes the copy for an organisation's television commercial
c. Customers
d. All of the options listed
e. An organisation's supplier of raw materials

23. The Heart Foundation publicising the health risks associated with a poor diet is an example
of how the organisation can ______________ customers, clients, partners, competitors and other
parties that make up its industry
a. compel people to eat healthily, including
b. exert some influence on the
c. control the decisions of the
d. force food businesses to provide only healthy menu items to
e. none of the options listed

24. Cultural factors influencing people's attitudes, beliefs, behaviours, preferences, customs and
lifestyles are known as
a. environmental forces
b. sociocultural forces
c. political forces
d. technological forces
e. economic forces

25. Working for the Aldi supermarket chain, you are very aware of the activities of your
company's competitors - Coles and Woolworths - and find that you frequently make changes to
your business in response to actions they have taken. You also notice that they react when you
make changes to your business offering. This competition is occurring within the
a. the competitive-environment
b. the macro-environment
c. micro-environment
d. internal environment
e. none of the listed options

26. An organisation that outsources functions that can be done more efficiently by specialist
external providers is shifting those functions from
a. its macro environment to its micro environment
b. its internal environment to its micro environment
c. its micro environment to its macro environment
d. none of the options listed.
e. its internal environment to its macro environment That's not correct
The correct answer is: its internal environment to its micro environment

27. Choose the best answer from the options below to complete the following sentence. An
organisation chart can be a useful tool to help analyse an organisation's
a. sales force
b. market perception
c. external environment
d. marketing mix
e. internal environment
28. The external environment encompasses
a. goods and services controlled by other organisations
b. people and processes the organisation can control
c. people and processes that the organisation cannot directly control Good work
d. goods and services controlled by the organisation
e. none of the options listed
The correct answer is: people and processes that the organisation cannot directly control

29. Internal marketing is practised through internal

a. communications
b. market research
c. none of the listed options
d. training
e. all the listed options

30. Successful businesses in the late 1900's were those that adopted a
a. market penetration strategy
b. market orientation startegy
c. market dominance strategy
d. pure competition strategy
e. diffrentiation strategy
The correct answer is: market orientation startegy

Question 1
Examples of changes in mental models are
Shifts to low-cost airlines, online insurance.

Question 2
Which of the following combinations best describes incremental innovation?
can be rapidly implemented; based on sustained technologies; immediate gains

Question 3
The multipurpose smartphone is an example for which type of innovation?
synthesis

Question 4
Regardless of the type of innovation be it disruptive or incremental, it remains fundamentally an
application of Knowledge

Question 5
Plenty of evidence suggests that firms can and do learn to manage the process for success, by
building and developing their Innovation capability

Question 6
Rethinking of services and meeting social needs are aspects of innovation

Question 7
Which of the following is NOT an example of product innovation?
A new car design
A new version of the iPod
A new toothpaste
None of the listed options
Computer-control of manufacturing operations

Question 8
Which of the following is not considered a type of incremental innovation?

extension
synthesis
duplication
reduction
all of the listed options

Question 9
Innovation does not happen in a vacuum, the context of innovation is shaped by
proactive links

Question 10
Creating effective networks, outsourcing and coordination of a virtual organisation is an example
of Strategic advantage

Question 11
Creativity is the point of origination for innovation and entrepreneurship. It can produce of new
and _____________ works
useful

Question 12
Diversity in network ties is essential for would-be entrepreneurs as it widens the scope of
information about

potential innovation
business locations
assistance schemes
all of the options listed
sources of capital

Question 13
Bright ideas are the fuel for ______________ so understanding how we come up with them is worth
exploring.
Innovation

Question 14
A common element between creativity, innovation and entrepreneurships is
knowledge

Question 15
The successive stages of ideas generation, ideas evaluation and ideas implantation
all the listed options
can be rearranged
can overlap
can be non-linear
none of the listed options

Question 16
Which of the following is not a part of the creative process?
Software development

Question 17
Political behaviour and groupthink are social pressures that can
Damper an individual's creativity

Question 18
Which of the following is not considered a factor that influences creativity?

Pressures
None of the listed options
Autonomy
Encouragement of creativity
Resources

Question 19
Encouraging people to build on the ideas of others is an element of
brainstorming

Question 20
__________________ is about making associations, often exploring round the edges of a problem
Divergent thinking

Question 21
Marketing is viewed by many organisations largely as
a cost rather than as an investment

Question 22
Choose the best answer from the options below to complete the following sentence. An
organisation chart can be a useful tool to help analyse an organisation's
internal environment

Question 23
Value refers to total offering
Question 24
Marketing is considered to be

a science
all of the listed options
a learning process
none of the listed options

Question 25
A degree in Marketing will qualify you for a job in which of the following organisations?

All of the options listed

Governments
Not-for-profit organisations
Multinational organisations
Large organisations

Question 26
Cultural factors influencing people's attitudes, beliefs, behaviours, preferences, customs and
lifestyles are known as sociocultural forces

Question 27
When using the PESTEL framework, marketers are investigating
macro-environmental forces

Question 28
Which of the following would not be considered a partner in the formal definition of marketing?

An organisation's supplier of raw materials

Retailers who sell an organisation's products
Customers
An advertising agency who writes the copy for an organisation's television commercial
All of the options listed

Question 29
Factors that are beyond the organisation's direct control, though the organisation may be able to
have some influence over them, are
opportunities and threats

Question 30
As part of your marketing PhD you decide to investigate factors affecting people's attitudes,
beliefs, behaviours, preferences, customs and lifestyles. These macro environmental forces
which you investigate are collectively known as
sociocultural forces
The 'back-scratcher' approach works best in which of the following circumstances?

a. When customers are locked out of a market because they lack skills, access or wealth. Competitors
ignore initial developments because they take place in seemingly unpromising markets.

b. All of the listed options.

c. When target customers don't need and don't value all the performance that can be packed into
products, and when existing competitors don't focus on low-end customs.

d. None of the listed options.

e. When customers are frustrated by their inability to get a job done, and competitors are either
fragmented or have a disability that prevents them from responding.

1. Innovation mangers and practising entrepreneurs in large businesses have learned from the
world of experience that successful innovators

a. build dynamic capability

b. manage innovation as a process

c. none of the options listed

d. understand different dimensions of innovation

e. all of the options listed

2. Entrepreneurship can occur with little, if any,

a. Marketing

b. Innovation

c. Strategy

d. All of the options listed

e. Resources
4. Which of the following would not normally be considered a radical innovation?
a. None of the listed options
ca
b. Antibiotic drugs

c. Increased colour choice on the Volkswagen 'Beetle' car

 d. Integrated circuits

e. The jet turbine engine

5. If innovation is only seen as a strong R&D capability, it will result in

a. all of the options listed

b. None of the listed options

c. technology which fails to meet user needs and may not be accepted

d. becoming simply a matter of filling in shopping lists of needs

e. lack the involvement of others

6. Which of the following is not considered a type of incremental innovation?

a. extension

b. duplication

c. synthesis

d. reduction

e. all of the listed options

7. The first stage of the product life cycle is commonly abbreviated as

a. NPD

b. XCC

c. PLC

d. FSP

e. APC

8. Bottleneck buster is an entrepreneur's approach for creating value used in

a. Marketing analysis

b. Perceptual changes

c. Disruptive innovation
 d. Cost innovation

e. Creating social values

9. Entrepreneurs wanting to create value through radical innovations can take the
_________________ approach.

a. Growing new markets

b. Innovator s dilemma

c. Extreme makeover

d. Process needs

e. Strategic implementation

10. A source of innovation within a company may emerge from an area of opportunty such as
a. Customers feedback

b. Process needs

c. Shareholders interests

d. Financial assistance

e. Demographic changes

11. Which of the following is not considered a component of creativity?

a. None of the listed options

b. Creative thinking skills

c. Knowledge

d. Motivation

e. Imagination

12. Multiple resources around the problem and volume of ideas can
a. reduce a group s innovation

b. assist with strategic incubation

c. assist in innovation output

d. reduce conflicts
 e. enhance group creativity

13. Tidying up an idea and building on their initial insight is known as

a. Mind mapping

b. Emotional attachment

c. Positioning

d. Problem reversal

e. Validation

14. Sometimes the absence of resources is what galvanises

a. innovation

b. value

c. effort

d. none of the listed options

e. knowledge

15. One of the challenges in creativity is that it sometimes involves

a. none of the listed options

b. seeing things differently

c. all of the listed options

d. changing perspectives

e. breaking the rules

16. A business plan involves planning resources and developing a budget which is then compared
with sales projections to ascertain the true
a. level of positioning

b. competitive situation in the market place

c. number of product attributes

d. all of the options listed

e. market size that can be captured

17. Which of the following is not considered a factor that influences creativity?
a. Autonomy

b. Resources

c. Pressures

d. Encouragement of creativity

e. None of the listed options

18. Quantity of ideas is an important rule to follow in

a. new product development

b. market feasibility

c. None of the listed options

d. product feasibility

e. Brainstorming

19. Occasional flashes of insperation and long periods of incremental improvements are patterns for
a. building capabilities

b. new product development

c. strategic analysis

d. all of the listed options

e. innovation

20. The minimum viable product is an approach for

a. Designing dynamic capabilities

b. Situational analysis

c. None of the listed options

d. All of the listed options

e. Implementing innovation

21. When buying your first car, you choose to buy a used Mazda 3 from a dealer rather than a slightly
cheaper Mazda 3 advertised privately. Your mum thinks you made a good choice, but your dad thinks
the privately advertised car would have been a better deal. Why is there a difference in opinion?
 a. Value can include product quality and after sales service

b. Value means different things to different people

c. All of the options listed

d. Value can be a comparison of the benefits a customer receives from a product in relation to its
price

e. Value can be based on perception

22. Working for the Aldi supermarket chain, you are very aware of the activities of your company's
competitors - Coles and Woolworths - and find that you frequently make changes to your business in
response to actions they have taken. You also notice that they react when you make changes to your
business offering. This competition is occurring within the
a. none of the listed options

b. micro-environment

c. internal environment

d. the macro-environment

e. the competitive-environment

23. Which of the following is not a part of an organisation's external environment?

a. Customers

b. Partners

c. The micro-environment

d. None of the options listed

e. Competitors

24. A customer's overall assessment of the utility of an offering based on perceptions of what is
received and what is given is known as
a. exchange

b. benefit

c. advantage
 d. all of the listed options

e. Value

25. Situational analysis, together with the organisations objectives form the basis for developing the
marketing plan. Marketing plans are detailed documents; however, commonly, decision makers only
read which section?

a. The introduction

b. The marketing mix strategy

c. The executive summary

d. None of the options listed

e. The conclusion and future recommendations

26. If in doing a SWOT analysis an organisation identified that its retail store site was poorly located,
this would be an example of

a. None of the options listed

b. an external factor that cannot be controlled by the organisation

c. a weakness

d. a threat

e. a strength

27. Value refers to

a. competitive advantage

b. total offering

c. all of the listed options

d. economic benefit

e. bargain pricing

28. In a SWOT analysis, an organisation's core competencies and competitive advantages would be
classified as

a. none of the options listed

 b. threats

c. opportunities

d. strengths

e. Weaknesses

29. Cultural factors influencing people's attitudes, beliefs, behaviours, preferences, customs and
lifestyles are known as

a. environmental forces

b. economic forces

c. sociocultural forces

d. technological forces

e. political forces

30. An organisation recognising the ageing population and offering a seniors' discount for older
customers is most likely to be responding to

a. sociocultural forces

b. technological forces

c. environmental forces

d. political forces

e. legal forces

1. Plenty of evidence suggests that firms can and do learn to manage the process for success, by
building and
d. Innovation capability

2. Which of the following would you NOT class as a radical innovation?

a. The photocopier
b. The electric light bulb
c. The laser
d. None of the listed options
e. The fibre tip pen

3. The 'bottleneck buster' approach works best in which of the following circumstances?
c. When customers are locked out of a market because they lack skills, access or wealth. Competitors
ignore initial developments because they take place in seemingly unpromising markets.

4. The issues, problems and difficulties with innovation is

A risky business by its nature

5. Which of the following would not normally be considered a radical innovation?

a. Antibiotic drugs
b. The jet turbine engine
c. Integrated circuits
d. Increased colour choice on the Volkswagen 'Beetle' car

6. If innovation is only seen as associated with key individuals, it will

fail to utilise the creativity of the remainder employees

7. Innovation can take many forms. Running a hospital booking system which reduces patient waiting
time is an example of which kind of innovation?
a. Process

8. Correct Mark 1.00 out of 1.00

According to Drucker, which of the following is not considered a source of innovation within
companies or industries?
perceptual change

9. Entrepreneurs wanting to create value through radical innovations can take the _____________
approach
e. Extreme makeover

10. Which of the following is NOT an example of product innovation?

a. Computer-control of manufacturing operations
b. A new version of the iPod
C.
None of the listed options
d. A new toothpaste
e. A new car design

11. Knowledge constitutes the essence of _______ and is intrinsically related to the creativity-
innovation- entrepreneurship process.
all of the listed options

12. Occasional flashes of insperation and long periods of incremental improvements are patterns for
innovation

13. The term _________ refers to somewhere between having too few and too many constraints.
d. sweet spot

14. The minimum viable product is an approach for

a. All of the listed options
b. Designing dynamic capabilities
c. Situational analysis
d. None of the listed options
e. Implementing innovation

15. A good idea is _______to start-up a business venture.

not enough

16. Political behaviour and groupthink are social pressures that can
Damper an individual's creativity

17. Mutual openness to ideas, shared commitment to a project and diversity in team members can
d. encourage creativity

18. Extrinsic and intrinsic are two types of

motivation

19. Which of the following is not a part of the creative process?

d. Software development

20. Chinese thinker Lao Tzu philosophy maxims often expressed all behaviour consists of
opposites

21. Situational analysis, together with the organisations objectives form the basis for developing the
marketing plan. Marketing plans are detailed documents; however, commonly, decision makers only
read which section?
e. The executive summary

22. Marketing is an approach to business that puts the _____ at the heart of business decisions.
customer, client, partner and society

23. Choose the best answer from the options below to complete the following sentence. An
organisation chart can be a useful tool to help analyse an organisation's
c. internal environment

24. What do marketers seek to do in their environment?

Monitor, understand, respond to and influence

25. The marketing process cycle is

d. an ongoing cycle

26. Customers are a part of an organisation's___environment.

micro

27. The global financial crisis was an example of what type of macro-environmental force?
e. Economic.
28. In an attempt to overcome legal regulations, an industry body may attempt to influence which
aspect of its marketing environment?
Political

29. Customers for not-for-profit organisations or social marketers are known as

clients

30. An organisation that outsources functions that can be done more efficiently by specialist external
providers is shifting those functions from
a. its internal environment to its micro environment
 QUIZZ 2
1. inWhich of the following is not a behavioural segmentation variable?

a. Brand loyal consumers.

b. Consumer's benefit expectations of a product.

c. All of the options listed are behavioural segmentation variables.

d. The occasion for which a product may be purchased by a consumer.

e. Heavy, medium or light users of a product.

2. The three main stages of the targeting process, in chronological order, are:

a. segmentation, targeting, positioning.

b. segmentation, positioning, targeting.

c. targeting, positioning, segmentation.

d. None of the options listed.

e. targeting, segmentation, positioning.

3. Understanding the ______________ is a fundamental prerequisite for effective marketing.

Understanding target market segments is crucial to ___________, communicating and
delivering product offerings of ____________.

a. customer, creating, benefit

b. market, advertising, benefit

c. client, creating, value

d. market, creating, value

4. The total volume of sales of a product category that all organisations in an industry are
expected to sell in a specified period of time, assuming a specific level of marketing activity
is known as:

a. return on investment.
 b. sales revenue.

c. market potential.

d. market share.

5. Which of the following statements is/are correct?

a. Market share refers to at least 33.3% of the total segmented market held by an
organisation when compared with last year marketing plans.

b. The level of industry marketing activity will generally influence the market
potential of a product category.

c. All of the options listed.

d. Market potential refers to the minimum possible sales in the total market for a product
category, by all organisations.

6. As an importer of surfing accessories, your company focuses its marketing operations in

the warmer coastal regions of Australia. This action is an example of:

a. behavioural segmentation.

b. demographic segmentation.

c. psychographic segmentation.

d. geographic segmentation.

7. Subaru built its early reputation in Australia by targeting visitors to, and residents of the
snow country. This method of market segmentation could best be described as:

a. demographic.

b. geographic.
 c. psychographic.

d. behavioural.

e. Geo-psychographic.

8/ A credit union that provides a wide range of financial services to members who are
employed in particular industries would be best described as having:

a. a market specialisation.

b. a product-market specialisation.

c. a service specialisation.

d. a product specialisation.

e. None of the options listed.

9. When the marketer seeks to _________and ___________those parts of the total market
that it can offer the most__________, the approach is known as the ___________ marketing
concept.

a. identify, understand, value, total

b. identify, understand, value, target

c. identify, grow, value, total

d. grow, understand, benefit, total

10. Toyota uses a target marketing approach to selling cars. Toyota offers a range of cars to
the market. Considering this, which of the following statements is incorrect?

a. Different market segments may require different marketing mixes.

b. Market segments should be selected for targeting after an evaluation process.

c. Different target markets may require a different positioning strategy.

d. An organisation following the target marketing concept should target all

market segments.

e. Markets can be segmented many different ways using different segmentation

variables.
11. David has decided to buy a new pair of work shoes, so he spends his afternoon
shopping for a new pair. When classifying products, the category of 'shopping products',
which includes shoes, also includes:

a. staple products.

b. impulse products.

c. none of the options listed.

d. emergency products.

12. Qantas is a service provider, transporting customers from one destination point to
another. During their flights they also sell Qantas merchandise such as miniature
aeroplanes. Thinking about goods and services, which of the following statements is
incorrect?

a. A service is a product.

b. None of the options listed.

c. A physical good is tangible, a service is intangible.

d. A physical good is a product.

e. A service usually involves transfer of ownership

13. A dairy company manufactures a range of flavoured skim milks. This range is known as
the company's:

a. product item.

b. product capacity.

c. product line.

d. product mix.

14. Coca Cola rarely uses personal selling as one of its promotional strategies, instead
opting for various mass-marketing approaches. Coca Cola understands that a disadvantage
of personal selling is that:

a. personal selling is time-consuming.

 b. personal selling is expensive

c. all of the options listed are disadvantages.

d. personal selling has a more limited reach.

15. A target market can best be described as:

a. a group of customers with different needs and wants.

b. customers who currently purchase an organisation's products.

c. customers who don't currently purchase an organisation's products.

d. the total market for a product.

e. a group of customers with similar needs and wants.

16. Apple MacBooks are available from licensed retailers and distributors in Australia.
Retailers are licensed based on reputation and service, adding value to the strong Apple
brand. This approach to market coverage is known as:

a. indirect distribution.

b. selective distribution.

c. direct distribution.

d. exclusive distribution.

e. intensive distribution.

17. Coca Cola is available in vending machines, bars and clubs, supermarkets, petrol
stations, corner stores and at sporting events. This approach to market coverage is known
as:

a. direct distribution.

b. exclusive distribution.

c. intensive distribution.

d. selective distribution.

e. indirect distribution.

18. In the 7Ps framework, distribution is also known as:

 a. partners.
b. process.

c. place.

d. people.

e. Product.

19. The association between Qantas and the Australian Rugby Union's Wallabies team is an
example of:

a. cause-related marketing

b. product placement

c. sponsorship

d. ambush marketing

20. The total product concept broadly describes a product as a bundle of attributes, creating
value for the customer. Specifically, a product can be defined as the core product, expected
product, ____________ product and ____________ product.

a. associated, finished

b. augmented, serviced

c. augmented, potential

d. associated, final

21. At the equilibrium price:

a. the quantity supplied is less than the quantity demanded.

b. price will tend to fall.

c. there is no reason for the price to change.

d. the quantity supplied exceeds the quantity demanded.

e. price will tend to increase.

22. Total revenue will decline if the price ____ when the demand curve ____.

a. rises; is price elastic.

b. falls; is price elastic.

c. rises; has unit price elasticity.

d. rises; is price inelastic.

e. falls; has unit price elasticity.

23. If even the smallest increase in the price of a product results in the quantity demand to
fall to zero, the demand for this product:

a. has a price elasticity of unity.

b. is price elastic.

c. is perfectly price elastic.

d. is price inelastic.

e. is perfectly price inelastic.

24. Unemployment and inflation are topics within:

a. the labour market.

b. macroeconomics.

c. microeconomics.

d. the product market.

e. the capital market.

25. An increase in the price of an input will normally cause:

a. a movement along the supply curve such that quantity supplied increases.

b. a movement along the supply curve such that quantity supplied declines.
 c. the supply curve to shift to the right.

d. the supply curve to shift to the left.

e. a firm to increase the amount it offers for sale.

26. By the term 'demand curve', economists mean the curve describing the relationship
between price and quantity demanded. The focus on price means that:

a. economists are inappropriately overlooking other influences on quantity demanded.

b. economists are assuming that other influences on quantity demanded are

constant so that the effect of price can be isolated.

c. economists believe price is the only factor that influences quantity demanded.

d. the model's predictive power is of little value.

e. price is the only factor that influences quantity demanded.

27. A reduction in the price of a substitute product will normally cause:

a. an individual to increase the consumption of any goods she purchases.

b. the demand curve to shift to the right.

c. the demand curve to shift to the left.

d. a movement along the demand curve such that quantity demanded declines.

e. a movement along the demand curve such that quantity demanded increases.

28. Along an individual firm's supply curve, a reduction in quantity supplied occurs when:

a. a technological advancement has occurred.

b. price has declined.

c. price has increased.

d. the firm's profit has risen.

 e. the firm is induced to offer more for sale at a lower price.
29. Economic theory would not be useful in studying:

a. why some people find it easier to give up smoking than others.

b. the effects on one's job prospects of returning to school to study for a degree.

c. the effect of increased cigarette taxes on cigarette consumption.

d. the impact on the domestic economy of reducing income taxes.

e. the impact on the domestic car industry of a quota on imported cars.

30. A reduction in the price of an input will normally cause:

a. a movement along the supply curve such that quantity supplied increases.

b. the supply curve to shift to the left.

c. a firm to decrease the amount it offers for sale.

d. a movement along the supply curve such that quantity supplied declines.

e. the supply curve to shift to the right.

1. A common technique used to determine market positioning is: perceptual mapping.

2. The number of possible segments grows by multiples when an additional segmentation

variable is added. For example, adding gender the number of market segments.
b. doubles

3. Which of the following statements is correct?

a. An architect designing a couple's 'dream' home is an example of customised marketing.
b. A customised market segment has between 49% to 66.6% of potential needs.
c. A market customised target segment has similar needs, but the members of the segment have
distinctive needs.
d. A market segment has distinctive needs, but more than 33.3% of the members of the segment
have similar needs.

4. Organisations that pursue a specialisation strategy seek to establish a dominant position in

their chosen ___________ market.
d. Niche.
5. Emma decides that after establishing a successful business using a mass marketing
approach, she wants to expand by differentiating her product range. Emma conducts market
research investigating the psychographic characteristics of her market. Emma understands that:
a. psychographic segmentation variables include consumer lifestyles.
b. all of the options listed
c. psychographic segmentation variables include consumer motives.
d. psychographic segmentation variables include consumer personality attributes.

6. Which of the following is not a variable an organisation could use to segment business
markets?
a. Type of industry.
b. Product use.
c. All of the options listed are potential business market segmentation variables.
d. Organisational size.
e. Geographic.

7. You open a liquor store, selling only boutique wines (produced in smaller quantities and as
such not sold through major retailers) from the Hunter Valley in NSW. Your specialised
approach to the target market is: d. product-market specialisation.

8. Emma decides that after establishing a successful business using a mass marketing
approach, she wants to expand by differentiating her product range. Emma decides she will use
a target marketing approach, which can best be described as: identifying smaller, more
targetable market segments, then tailoring the marketing mix to best appeal to those segments.

9. Which of the following best describes the broad concept of a market?

a. A group of customers with heterogeneous needs and wants.

10. Elders provides a comprehensive range of goods and services to farmers. This specialised
approach to target marketing is an example of: market specialisation.
11. Which of the following statements is correct?
a. An organisation can implement sales promotion strategies to offer extra value to retailers and
salespeople in a bid to increase sales.
b. An organisation can implement sales promotion strategies to offer extra value to consumers
in a
bid to increase sales.
c. An organisation can implement sales promotion strategies to smooth demand.
d. All of the options listed.

12. The marketing activities that make potential customers, partners and society aware of and
attracted to the business's offerings is known as: promotion.

13. In the 7Ps framework, distribution is also known as: place.

14. Milk could best be described as a product that is __________ distributed.

c. intensively
15. David has decided to buy a new pair of work shoes, so he spends his afternoon shopping for
a new pair. When classifying products, the category of 'shopping products', which includes
shoes,
also includes:
a. none of the options listed.
b. impulse products.
c. staple products.
d. emergency products.

16. A car salesperson shows buyers cars that are outside their price range before showing them
more suitable vehicles. This could best be described as an example of: reference pricing.

17. The characteristics that formally distinguish services from goods are intangibility,
inseparability, _____________ and perishability.
a. heterogeneity

18. A haircut, travel advice and financial advice are all examples of: services.

19. Which of the following would be classed as physical evidence in terms of the tangible cues
that customers may use to evaluate a service?
a. All of the options listed.
b. Delivery vehicles.
O c. Brochures.
d. Staff uniforms.
e. Shop fittings.

20. If a consumer is prepared to spend time comparing competing offerings before making a
purchase decision, the product is most likely to be a(n): shopping product.

21. The three major markets of interest in economics are the:

e. product, labour, and capital markets.
22. Along an individual firm's supply curve, a reduction in quantity supplied occurs when:
b. price has declined

23. The quantity demanded is influenced by both changes in the price and changes in variables
other than price. Changes in _______ result in the demand curve.
d. variables other than price; shifts in

24. A reduction in the price of a substitute product will normally cause:

a. the demand curve to shift to the left.

25. If a firm raises the price of its product and finds that total revenue has fallen, this indicates
that: demand for the product is price elastic.

26. An individual is typically willing to purchase more of a good at lower prices, which implies
that the individual demand curve will be: downward sloping.
27. The demand curve is downward sloping, which means that the quantity demanded for a good
___________ when its price _________
a. falls; rises

28. The market demand curve is: derived by horizontally summing the individual demand curves
at each price.

29. Whenever two events occur simultaneously: there is correlation but not necessarily
causation.

30. The market supply curve is: derived by horizontally summing the individual firms supply
curves at each price.

Knowledge constitutes the essence of _____________ and is intrinsically related to the creativity-
innovation- entrepreneurship process.
e. all of the listed options
a. abilities
b. skills
d. capabilities

Question 1
As a marketing manager, you undertake research to understand how potential buyers see
your brand. Your research is aiming to identify your brand's:
position.

Question 2
Emma has decided to switch from a mass marketing approach, to a target marketing
approach. She understands that target marketing is a process and forms the basis of the
process.
market segmentation

Question 3
As an importer of surfing accessories, your company focuses its marketing operations in the
warmer coastal regions of Australia. This action is an example of:
geographic segmentation.

Question 4
Organisations that pursue a specialisation strategy seek to establish a dominant position in
their chosen ________ market.
niche.

Question 5
The total volume of sales of a product category that all organisations in an industry are
expected to sellin a specified period of time, assuming a specific level of marketing activity is
known as:
market potential.

Question 6
Which of the following would be a consideration for an organisation in evaluating market
segments and deciding which to target?

a. An understanding and/or analysis of competitors and how their offerings are seen by
potential target market segments.
b. The ability of the organisation to satisfy the needs and expectations of different market
segments.
¢. The potential sales volume and revenues of different market segments.
d. The cost to the organisation of targeting that market segment.
e. All of the options listed would be considerations. v Correct

Question 7
As a marketer for a major wine company, you implement a marketing program based on
occasion-based segmentation. You market some products as 'gifts', others as ‘celebratory’
and others for 'cellaring'. You action is an example of:
behavioural segmentation.

Question 8
Which of these of these underlies the concept of target marketing?

a. Sellers understand the needs of buyers.

b. All of the options listed.
¢. Individual buyers or groups of buyers can be identified.
d. Sellers will seek to shape their offer to meet the needs of target buyers.

Question 9
Which of the following statements is correct?

a. All of the options listed.

b. Psychographic segmentation variables include consumer motives.
¢. Psychographic segmentation variables include consumer lifestyles.
d. Psychographic segmentation variables include consumer personality attributes.

Question 10
The three main stages of the targeting process, in chronological order, are:
segmentation, targeting, positioning.

Question 11
Milk could best be described as a product that is_______distributed.
intensively

Question 12
By definition, a product is:
a good, service or idea.
Question 13
Which of the following statements is incorrect?

a. An organisation submitting a press release to the media is an example of a public

relations activity.
b. Public relations activities can be used as a tool to combat negative perceptions or events.
c. All of the options listed.
d. Public relations campaigns are generally high cost. v Correct
e. Public relations activities include communications aimed at creating and maintaining
relationships between an organisation and its stakeholders.

Question 14
In terms of the total product concept, product differentiation occurs mainly at the _____ level.
augmented

Question 15
The total product concept broadly describes a product as a bundle of attributes, creating
value for the customer. Specifically, a product can be defined as the core product, expected
product, _______product and _________product.
augmented, potential

Question 16
An approach in which a product is promoted to consumers to create demand upward
through the marketing distribution channel is known as a:
pull policy.

Question 17
In the 7Ps framework, distribution is also known as:
place.

Question 18
The marketing activities that make potential customers, partners and society aware of and
attracted to the business's offerings is known as:
promotion.

Question 19
Which of the following statements is incorrect?

a. None of the options listed. X Incorrect

b. A physical good is a product.
¢. A service usually involves transfer of ownership.
d. A physical good is tangible; a service is intangible.
e. Aservice is a product.

Question 20
Which of the following distribution channels is/are logical?
a. Producer, agent/broker, consumer.
b. Producer, wholesaler, retailer, consumer.
c. All of the options listed.
d. Producer, consumer.

Question 21
Diamonds command a higher price than water because they have a:
higher value in use.

Question 22
Total revenue will decline if the price_________ when the demand curve _______
rises; is price elastic.

Question 23
Microeconomics is that branch of economics that focuses primarily on:
the behaviour of individual units.

Question 24
When a market is in equilibrium;
there is neither excess supply nor excess demand.

Question 25
In the product market, firms:
are sometimes buyers, sometimes sellers, of goods.

Question 26 Correct Mark 1.00 out of 1.00

The quantity demanded is influenced by both changes in the price and changes in variables
other than price. Changes in ________ result in ______ the demand curve.
variables other than price; shifts in

Question 27
Which of the following factors are most likely to lead to a shift in the demand curve for movie
tickets?
A change in the price of video rentals

Question 28
By the term ‘demand curve’, economists mean the curve describing the relationship between
price and quantity demanded. The focus on price means that:
economists are assuming that other influences on quantity demanded are constant so that
the effect of price can be isolated.

Question 29
Assume that the forces of supply and demand operate freely. All of the following statements,
except one, are true in this situation. Which is not?

a. Prices provide incentives to use scarce resources efficiently.

b. Prices measure relative scarcity.
¢. When the price of a good rises, producers are encouraged to produce more of the good
and consumers are encouraged to purchase less of the good.
d. Prices convey critical economic information.

e. When the price of a good rises, producers are encouraged to produce less of the good
and consumers are encouraged to purchase more of the good.

Question 30 Incorrect Mark 0.00 out of 1.00

The three major markets of interest in economics are the:

product, labour, and capital markets.

Question 1
Which of the following is not a behavioural segmentation variable?

a. All of the options listed are behavioural segmentation variables. v Correct

b. Consumer's benefit expectations of a product.
¢. Brand loyal consumers.
d. Heavy, medium or light users of a product.
e. The occasion for which a product may be purchased by a consumer.

Question 2
Which of the following would be useful for an organisation in forecasting the sales potential
for a market
segment?
a. All of the options listed. «Correct
b. Aknowledge of the conditions in its marketing environment.
¢. Aknowledge of the activities of competitors.
d. Aknowledge of its current market share in that segment.

Question 3
A market segment profile describes:
common features shared by members of market segments and how they differ from other
market segments.

Question 4
Which of the following is not a variable an organisation could use to segment business
markets?

a. Organisational size.
b. Geographic.
¢. Product use.
d. All of the options listed are potential business market segmentation variables. v Correct
e. Type of industry.
Question 5
Which of the following can influence the market position of an organisation, its products, or
its brands in the minds of target consumers?
a. The price of the organisation's product.
b. The features of the organisation's product.
¢. The customer's experience of the organisation, product, or brand.
d. Advertising and other promotional efforts.
e. All of the options listed. v Correct

Question 6
Emma decides that after establishing a successful business using a mass marketing
approach, she wants to expand by differentiating her product range. Emma conducts market
research investigating the psychographic characteristics of her market. Emma understands
that:

a. psychographic segmentation variables include consumer lifestyles.

b. psychographic segmentation variables include consumer motives.
¢. all of the options listed v Correct
d. psychographic segmentation variables include consumer personality attributes.

Question 7
The first step in determining the current positioning of a brand is:
to identify product attributes that consumers use to distinguish between competing products
or brands.

Question 8
As a marketer for a major wine company, you implement a marketing program based on
occasion-based segmentation. You market some products as 'gifts', others as 'celebratory'
and others for 'cellaring'. YouR action is an example of:
behavioural segmentation.

Question 9
The Australian car market can potentially be segmented in a number of different ways. When
segmenting any market, the market segmentation variables should always:
be linked closely to the purchase of the product in question.

Question 10
When the marketer seeks to ____ and_____ those parts of the total market that it can offer
the most ____, the approach is known as the ____ marketing concept.
identify, understand, value, target

Question 11
Big Australian retail outlets such as Kmart, Big W and Target stock a wide range of
consumer products. The consumer products stocked by these retailers can be best
categorised as:
shopping, convenience, specialty and unsought products.
Question 12
Apple and Virgin are two companies who frequently use public relations campaigns to
generate awareness of and interest in the products and services they offer to the market.
Public relations campaigns such as those run by Apple and Virgin have a number of
characteristics, but these characteristics do not include which of the following statements?
Public relations campaigns are generally high cost.

Question 13
Milk could best be described as a product that is _______distributed.
intensively

Question 14
During a meeting to discuss improving the ‘weakest’ parts of your business, your boss asks
you to contact all the members of your supply chain; he has identified this as an area where
improvements need to be made. Subsequently you need to contact:

a. The consumers who buy your product.

b. The transporters and suppliers involved in getting your product to market.
¢. Your retailers and distributors. X Incorrect
d. The producers who supply raw materials to your manufacturers.
e. All of the parties involved in providing the raw materials and services to get your product
to market.

Question 15
An approach in which a product is promoted to consumers to create demand upward
through the marketing distribution channel is known as a:
pull policy.

Question 16
A target market can best be described as:
a group of customers with similar needs and wants.

Question 17 Correct Mark 1.00 out of 1.00

Which of the following would be classed as physical evidence in terms of the tangible cues
that customers may use to evaluate a service?
a. All of the options listed. «Correct
b. Shop fittings.
¢. Staff uniforms.
d. Brochures.
e. Delivery vehicles.

Question 18
A brand is a collection of ______ , such as a name, logo, slogan and design, intended to
create an image in the customer's mind that ______a product______ competitors' products.
symbols, differentiates, from
Question 19
Tickets to a concert that never get sold are an example of a service's:
perishability.
Question 20
In terms of the total product concept, product differentiation occurs mainly at the ____ level
augmented

Question 21
The demand curve is downward sloping, which means that the quantity demanded for a
good ______ when its price______
falls; rises

Question 22
A technological improvement will normally cause: the supply curve to shift to the right.

Question 23
The individual consumer's demand curve for a good describes the:
quantity of the good demanded by the consumer at each price.

Question 24
All of the following, except one, are sources of a shift in a market demand curve for a good.
Which is not?

a. Achange in the price of a complement for that good

b. A change in the price of a substitute for that good
¢. Achange in consumers' incomes
d. A change in the price of that good v Correct
e. Achange in tastes

Question 25
An increase in consumers' income will normally cause:
the demand curve to shift to the right.

Question 26
A reduction in the price of a complement will normally cause:
the demand curve to shift to the right.

Question 27
An increase in the price of an input will normally cause:
the supply curve to shift to the left.

Question 28
The theories that are developed in economics:
are conclusions derived from sets of assumptions.

Question 29
All of the following, except one, are sources of a rightward shift in the market demand curve
for butter. Which is not?

a. Reduced concern about the health risks associated with eating butter
b. An increase in the price of margarine X Incorrect
¢. An increase in consumers’ incomes
d. An increase in the price of bread
e. A large increase in the size of the population

Question 30
If the market price of a good is such that consumers wish to buy less of the good than firms
are offering for sale, the excess ______ will cause price to ________
supply; fall

Question 1
A target marketing strategy in which all marketing efforts are focused on meeting a wide
range of needs within a particular market segment is called:
market specialisation.

Question 2
_________produces two-dimensional maps showing how competing brands relate to each
other in terms of a range of product attributes. This, of course, assumes that consumers in
the target segment are with the brand and its competitors and are able to subjectively or
objectively compare them on attributes that they believe to be important.
Perceptual mapping, already familiar

Question 3
Behavioural segmentation differs from geographic, demographic and psychographic
segmentation because it:
is based on actual purchase and/or consumption behaviours.

Question 4
Woolworths understands that their market is made up of buyers with diverse needs; their
customers have unique wants, needs and demands. The market that Woolworths sells to is
said to be:
heterogeneous.

Question 5
Market segmentation variables should always:
be linked closely to the purchase of the product in question.

Question 6
Which of the following processes is most likely to assist with identifying target markets?

Situational analysis
Creating, communicating and delivering an offering of value.
SWOT analysis
The marketing mix.
Market research.

Question 7
An organisation that segments its market by offering rewards based on the amount of points
accumulated on its loyalty card would be best described as utilising:
behavioural segmentation.

Question 8
Which of the following would be an advantage of a one-to-one marketing strategy?

a. Positive word-of-mouth customer referrals.

b. Potential repeat purchases from the customer.
¢. Building close relationships with a customer.
d. Customer loyalty.
e. All of the options listed are potential advantages. v Correct

Question 9
As a marketer for a major wine company, you implement a marketing program based on
occasion-based segmentation. You market some products as 'gifts’, others as 'celebratory'
and others for 'cellaring'. Your action is an example of:
behavioural segmentation.

Question 10
Which of the following would be a consideration for an organisation in evaluating market
segments and deciding which to target?
a. All of the options listed would be considerations. v Correct
b. The potential sales volume and revenues of different market segments.
¢. An understanding and/or analysis of competitors and how their offerings are seen by
potential target market segments.
d. The ability of the organisation to satisfy the needs and expectations of different market
segments.
e. The cost to the organisation of targeting that market segment.

Question 11
Coca Cola is available in vending machines, bars and clubs, supermarkets, petrol stations,
corner stores and at sporting events. This approach to market coverage is known as:
intensive distribution.

Question 12
The association between Qantas and the Australian Rugby Union's Wallabies team is an
example of:
sponsorship

Question 13
In terms of the product, most of the differentiating features are part of the ________product
layer of the total product concept.
augmented

Question 14
Tickets to a concert that never get sold are an example of a service's:
perishability.

Question 15
A brand is a collection of ______, such as a name, logo, slogan and design, intended to
create an image in the customer's mind that ______ a product _____ competitors’ products.
symbols, differentiates, from

Question 16
Big Australian retail outlets such as Kmart, Big W and Target stock a wide range of
consumer products. The consumer products stocked by these retailers can be best
categorised as:
shopping, convenience, specialty and unsought products.

Question 17
A group of customers with similar needs and wants is known as:
a target market.

Question 18
Which of the following best describes the concept of product differentiation?
The creation of products and product attributes that distinguish one product from another.

Question 19
David has decided to buy a new pair of work shoes, so he spends his afternoon shopping for
a new pair. When classifying products, the category of ‘shopping products’, which includes
shoes, also includes:

a. impulse products.
b. none of the options listed. v Correct
¢. emergency products.
d. staple products.

Question 20
Marketers exercise control over a set of variables which includes price, promotion, and the
product. Together, these controllable variables are known as:
the marketing mix

Question 21
Excess demand will exist whenever: the actual price is below the equilibrium price.

Question 22
Along an individual firm's supply curve, a reduction in quantity supplied occurs when:
price has declined.
Question 23
All of the following, except one, would be an appropriate focus of study for microeconomics.
Which is not?

the interaction of supply and demand in the corn market.

the number of people employed in the advertising business.
the level of production by a firm in the compact disc industry.
the determination of the rate of inflation.
the determination of prices in the computer industry.

Question 24
A technological improvement will normally cause: the supply curve to shift to the right.

Question 25
The plans of buyers and sellers are mutually compatible when: the equilibrium price is
established.

Question 26
Microeconomics is that branch of economics that focuses primarily on: the behaviour of
individual units.

Question 27
Economic theory would not be useful in studying: why some people find it easier to give up
smoking than others.

Question 28
If the price of a product increases, but the quantity demanded does not decline at all, the
demand for this product in this price range: is perfectly price inelastic.

Question 29
The market supply curve is:
derived by horizontally summing the individual firms supply curves at each price.

Question 30

Total revenue will decline if the price ___ when the demand curve ___.
rises; is price elastic.