Jeopardy SupplyDemandEquilibriumGov. Interv. Other Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy.

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Presentation transcript:

Jeopardy SupplyDemandEquilibriumGov. Interv. Other Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 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