Welcome to... A Game of X’s and O’s

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1 What is the law of demand?

1 As price goes up, demand goes down Home

2 List an advantage of a partnership

2 Easier to get financial capital, shared responsibility, ease of start-up, better workers

3 Why does government regulation cause prices to increase?

3 Cost of production increases, supply decrease, so price increases

4 What does IRDL mean?

4 Increase Right Decrease Left

5 What is the minimum price above equilibrium? Give an example.

5 Price floor. Ex: minimum wage

6 In which market structure does a firm have least control over price?

6 Pure competition

7 The idea that producers make what consumers want to buy is a principle of what economic system?

7 Capitalist

8 What are the 5 factors that shift supply?

8 Future price, cost of production, number of firms, technology, government

9 When is demand for an item inelastic? Give an example.

9 When the change in price does not affect our demand. Ex. Gasoline