Basic Marketing - Test Bank
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Appendix A - Economics Fundamentals 
True / False Questions 
1. Most customers want more products than they can afford to buy. True False 
2. Economists usually assume that customers have a fairly definite set of preferences. True False 
3. The "law of diminishing demand" says that if a firm raised the price of its product, a smaller quantity would be demanded. 
True False 
4. If a firm lowered the price of its product, the "law of diminishing demand" says that the quantity demanded would de...
Chapter 01 Marketing's Value to Consumers, Firms, and Society 
True / False Questions 
1. Marketing is basically selling and advertising. True False 
2. Marketing, in the literal sense, means "selling" or "advertising." True False 
3. Marketing means "promotion and selling." True False 
4. Actually making goods or performing services is called marketing. True False 
5. Estimating what price consumers are willing to pay for a product and if the firm can make a profit selling at that price,...