Transcript Econ-Ch-4-5-Jeopardy

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Demand
Supply
Elasticity
Costs and
Revenue
Vocabulary
Demand
Supply
$100
$200
$300
$400
$100
$200
$300
$400
Elasticity
Costs and
Revenue
Vocabulary
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$300
$400
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$200
$300
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C 1 - $100
Listing that shows
the quantities
demanded of a
product at all prices
C 1 - $200
Ability, willingness
and desire to
buy a product
C 1 - $300
What would happen
to the demand curve
if customer’s income
increases?
C 1 - $400
What would happen to
the demand curve for
butter if the price of
margarine decreased?
C 1 - $500
This illustrates the
quantities demanded by
everyone interested in
buying a product.
C 2 - $100
Amount of a product
that would be offered
for sale at all
possible prices
C 2 - $200
Graph showing the
various quantities
supplied at all possible
prices that might
prevail in the market
C 2 - $300
Amount of a product
that producers bring
to market at
any given price
C 2 - $400
If the number of
sellers of a product
increased what would
happen to the market
supply curve?
C 2 - $500
What would happen
to the supply
curve if taxes on
businesses increased?
C 3 - $100
If a modest price
increase has little or
no effect, the demand
for the product is
C 3 - $200
When a change in price
causes a relatively larger
change in quantity
demanded then demand
is said to be this
C 3 - $300
If the price of medicine
increases by 30% and
the quantity demanded
decreases by 30%.
Demand for the
product is what?
C 3 - $400
If a firm can adjust
output to higher prices
quickly, than supply
is likely to be this.
C 3 - $500
If a producer raises
the price of a good
with inelastic demand,
what will happen
to revenue?
C 4 - $100
Cost a business
incurs even if there
is little
or no activity
C 4 - $200
Cost that changes
when the rate of
operation or output
changes
C 4 - $300
What is another
name
for total fixed costs?
C 4 - $400
This equals the
number of units sold
multiplied by the
average price per unit.
C 4 - $500
Production level
where total cost
equals total revenue
C 5 - $100
Products that are
used in place of
other products.
C 5 - $200
Products where the
use of one product
increases the use
of another product
C 5 - $300
Government payment
to encourage or protect
an economic activity
C 5 - $400
Decline in extra
satisfaction from using
additional quantities
of a product.
C 5 - $500
Change in quantity
demanded because a
price change altered
consumers’ real income.
C 1 A - $100
Demand
Schedule
$
C 1 A - $200
Demand
$
C 1 A - $300
The demand curve
would shift to
the right.
$
C 1 A - $400
The demand curve
for butter would
shift to the left.
$
C 1 A - $500
Market
Demand
Curve
$
C 2 A - $100
Supply
$
C 2 A - $200
Supply Curve
$
C 2 A - $300
Quantity
Supplied
$
C 2 A - $400
The market supply
curve would
shift to the right
$
C 2 A - $500
The supply curve
would shift
to the left
$
C 3 A - $100
Inelastic
$
C 3 A - $200
Elastic
$
C 3 A - $300
Unit Elastic
$
C 3 A - $400
Elastic
$
C 3 A - $500
Revenue will increase.
$
C 4 A - $100
Fixed Cost
$
C 4 A - $200
Variable Cost
$
C 4 A - $300
Overhead
$
C 4 A - $400
Total Revenue
$
C 4 A - $500
Break-Even
Point
$
C 5 A - $100
Substitutes
$
C 5 A - $200
Complements
$
C 5 A - $300
Subsidy
$
C 5 A - $400
Diminishing
Marginal
Utility
$
C 5 A - $500
The Income
Effect
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FJ Topic
The
Theory of
Production
$
FJ Question
Period of production
long enough for
adjustments in all
productive resources.
$
FJ Ans
The Long Run
$
END OF GAME