$100 $400 $300 $200 $400 $200 $100$100 $400 $200$200 $500$500 $300 $200 $500 $100 $300 $100 $300 $500 $300 $400$400 $500

Demand

Supply

Elasticity

Costs and Revenue

Vocabulary

Demand Supply Elasticity Costs and Revenue Vocabulary $100 $300 $200 $400 $500 $

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 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 DemandSchedule $

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 QuantitySupplied $

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-EvenPoint

C 5 A - $100 Substitutes $

C 5 A - $200 $Complements

C 5 A - $300 Subsidy $

C 5 A - $400 $DiminishingMarginalUtility

C 5 A - $500 $ The Income Effect

The Theory of Production $ FJ Topic

FJ Question $ Period of production long enough for adjustments in all productive resources.

FJ Ans $ The Long Run

END OF GAME