Jeopardy Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Equilibrium Price Elastic or Inelastic Demand Supply Shifts Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 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 The more ice cream cones Lauren buys, the less she wants them, because she is getting full. What economic concept does this example illustrate?

$100 Law of Diminishing Marginal Utility

$200 Paige, Brooke, and Mo love to read. At a price of $12.95 per book, quantity demanded is 3 for Lauren, 4 for Brooke, and 6 for Mo. What concept do Brooke and her 4 books represent?

$200 Individual Demand

$300 If the price of Ruffles potato chips goes up, what will most likely happen to the demand for Lay’s potato chips?

$300 Demand will increase

$400 If the price of baseball bats rises, what will most likely happen to the demand for baseballs?

$400 Demand will decrease

$500 Miranda has a monthly income of $3,000. OF this amount, she spends $300 a month on going to concerts with her friends and $20 a month on books. What would Miranda be more likely to cut back on and why?

Concerts because she spends a large amount of her income on them $500 Concerts because she spends a large amount of her income on them

$100 The quantity supplied refers to

The amount supplied at a particular price $100 The amount supplied at a particular price

$200 The word supply refers to

$200 The willingness and ability to produce a good

The law of supply states that ___ $300 The law of supply states that ___

$300 The quantity supplied of a good rises when the price of the good rises

$400 Higher per-unit production costs would cause producers to

$400 Supply less

$500 List three factors that can cause a supply curve to shift

$500 Resource Prices Technology Taxes Subsidies Quotas Number of Sellers Future Price Weather (in some cases) Income Preferences Prices of Related Goods Number of Buyers Future Price Expectations

100 Equilibrium price is

$100 The price that occurs when the quantity demanded is equal to the quantity supplied

200 When there is a surplus in the market, what happens to the price of a good

$200 Prices may fall

300 If a low-fat diet swept the nation, what would happen to the equilibrium price of hamburgers?

$300 It would go down

$400 If new technology was introduced in the gadget-manufacturing process, what would happen to the equilibrium price and quantity of gadgets?

400 Equilibrium price goes down, Equilibrium price goes up

500 If the US government imposes a quota on Japanese vehicles, what would happen to equilibrium price & quantity of Japanese vehicles?

$500 Equilibrium price goes down, Equilibrium quantity does down

$100 A shift in a demand curve represents what?

$100 A change in demand

$200 What will happen in the car market if consumers expect higher prices in the near future?

The demand for cars will increase $200 The demand for cars will increase

$300 If the demand curve shifts to the left, it means

300 Buyers want to buy less

400 With complementary goods, what happens on the demand curve?

$400 The demand for one good moves in the opposite direction as the price of the other good

$500 When goods are substitutes, what happens on the demand curve?

$500 The demand for one good moves in the same direction as the price of the other good.

$100 If there are few or no substitutes for a good, then would the demand be inelastic or elastic?

$100 Inelastic

$200 If demand for a good is elastic and its price decreases, total revenue

$200 Goes up

$300 The demand for necessities such as milk, electricity and water is usually

$300 Inelastic

$400 If sellers do no respond to a change in price, supply is ____

$400 Inelastic

$500 When quantity supplied changes by the same percentage as price it is ____

$500 Inelastic

Final Jeopardy Describe the difference between price ceiling and price floor

Final Jeopardy Answer