Transcript Supply and demand jeopardy

Jeopardy
Supply
Demand
Equilibrium Gov. Interv.
Other
Q $100
Q $100
Q $100
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Q $100
Q $200
Q $200
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Q $300
Q $300
Q $300
Q $300
Q $300
Q $400
Q $400
Q $400
Q $400
Q $400
Q $500
Q $500
Q $500
Q $500
Q $500
Final Jeopardy
$100 Question from H1
What do sellers do if they expect
the price of goods they have for sale
to increase dramatically in the near future?
$100 Answer from H1
store the goods until the price rises
$200 Question from H1
A sandwich shop increases the
number of sandwiches they supply
every day when the price is increased.
Is an example of?
$200 Answer from H1
The law of supply
$300 Question from H1
Which of the following is an example
of a good with an inelastic supply?
$300 Answer from H1
Toothbrushes
$400 Question from H1
What factor has the greatest influence
on elasticity and inelasticity of supply?
$400 Answer from H1
Time
$500 Question from H1
When the selling price of a good
goes up, what is the relationship to
the quantity supplied?
$500 Answer from H1
It becomes practical to produce more goods.
$100 Question from H2
When a consumer is able and
willing to buy a good or service, he
or she creates which of the following?
$100 Answer from H2
Demand
$200 Question from H2
How is future price related to
current demand?
$200 Answer from H2
If the price is expected to rise,
current demand will rise.
$300 Question from H2
Ceteris paribus, or “all other things
held constant,” is an assumption that
has which of the following effects
on a demand schedule?
$300 Answer from H2
It takes only prices into account
$400 Question from H2
What shows the quantities of products
demanded at each price by all
consumers in a market?
$400 Answer from H2
a market demand schedule
$500 Question from H2
A shift in the demand curve means
What?
$500 Answer from H2
a change in demand at every price
$100 Question from H3
What happens when wages are set
above the equilibrium level by law?
$100 Answer from H3
Firms employ fewer workers than
they would at the equilibrium wage.
$200 Question from H3
When buyers will purchase exactly as
much as sellers are willing to sell, what is
the condition that has been reached?
$200 Answer from H3
Equilibrium
$300 Question from H3
What happens to a market in
equilibrium when there is an increase
in supply?
$300 Answer from H3
Quantity supplied will exceed
quantity demanded, so the price will drop.
$400 Question from H3
In response to rising car traffic,
demand for bicycles has increased.
The new equilibrium point will show
$400 Answer from H3
more bicycles sold, but at a higher price.
$500 Question from H3
The market price is below the
equilibrium price. What will result?
$500 Answer from H3
Shortage
$100 Question from H4
Which of the following is an example
of government influence on supply?
$100 Answer from H4
subsidies
$200 Question from H4
On which kinds of goods do
governments generally place price ceilings?
$200 Answer from H4
those that are essential but too
expensive for some consumers
$300 Question from H4
What is the name of the smallest
amount that can legally be paid to
most workers for an hour of work?
$300 Answer from H4
minimum wage
$400 Question from H4
Rent control is a type of
$400 Answer from H4
Price Ceiling
$500 Question from H4
What is a company’s total revenue?
$500 Answer from H4
the amount a company receives
for selling its goods
$100 Question from H5
goods for which the demand
falls when income rises
$100 Answer from H5
Inferior goods
$200 Question from H5
A price increase does not have a
significant impact on buying habits.
$200 Answer from H5
Inelastic
$300 Question from H5
Complete the following sentence:
At the most profitable level of
production, a firm’s marginal cost
will be _____ the market price.
$300 Answer from H5
Equal
$400 Question from H5
The cost of producing one more
Sweater is called?
$400 Answer from H5
Marginal cost
$500 Question from H5
What determines how a change in
prices will affect total revenue for
a company?
$500 Answer from H5
elasticity of demand
Final Jeopardy
Demand for movie rentals is highly
Elastic. What will happen to a video
Store that raises the price of a rental?
Final Jeopardy Answer
Lose revenue