2. THIS IS
JEEPARTY

3. With
Your
Host...
Bhadelia!

4. Price Elasticity of Demand
Supply
Prices
Equilibrium
Pot Luck
100
100
100
100
100
100
200
200
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300
300
300
300
300
300
400
400
400
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400
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500
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500

5. This describes the slope of a demand curve.

6. What is negative?
A 100

7. The best way to state the Law of Demand.

8. What is as price goes up, quantity demanded goes down?

9. The Law of Diminishing Marginal Utility

10. Why is the demand curve curved?

11. Pre-owned cars, secondhand clothing, Ramen Noodles.

12. What are inferior goods?

13. The five determinants of demand.

14. What are consumer tastes, income, price of related goods, future price expectations and number of buyers?
A 500

15. It is what causes the law of supply to be true.

16. What is profit motive?
B 100

17. It is why all supply curves become vertical beyond a certain point.

18. What happens when a market reaches capacity?
B 200

19. The two primary causes of a shift in the Supply Curve.
B 300

20. What are change in number of sellers and change in the cost of production?

21. The effects of a decrease in supply.
B 400

22. What is an increase in PE and a decrease in QE?
B 400

23. The effect of an increase in the price of pizzas on the supply of pizzas.
B 500

24. What is no change in supply?
B 500

25. Another name for the equilibrium.
C 100

26. What is the “happy place”?

27. Quantity demanded is greater than quantity supplied.
C 200

28. What is a shortage?
C 200

29. A government imposed price that is above the market price.

30. What is a price floor?
C 300

31. DAILY DOUBLE
DAILY DOUBLE
Place A Wager
C 400

32. Producers will put products on sale when this occurs.

33. What is a surplus?
C 400

34. The market-clearing price.

35. What is the price where quantity demanded equals quantity supplied?

36. It causes an increase in both equilibrium price and quantity.

37. What is an increase in demand?

38. It was caused by OPEC’s decision to decrease the supply of oil to the United States.

39. What is an increase in the price of gas?
D 200

40. The effect on the price of pizza from a decrease in the price of tomatoes.

41. What is a decrease in price?

42. What would result from the Hamburger Lover’s Association’s request for a law requiring producers to lower the price of beef.
D 400

43. What is a shortage of beef?
D 400

44. It is how consumer’s signal that they want more of a product.

45. What is bid-up prices?
D 500

46. When a change in price causes a relatively small change in quantity demanded.

47. What is inelastic demand?

48. Describes the slope of the demand curve for new cars.

49. What is relatively flat?

50. The three determinants of elasticity of demand.

51. What are luxury or necessity, number of substitutes and portion of budget?

52. The demand for insulin for a diabetic.

53. What is perfectly inelastic demand?

54. When the price of pizza increases from $5 to $10 and the quantity demanded decreases from 100 pizzas to 50 pizzas.
E 500

55. What is unit elastic?
E 500

56. The value of the next best alternative given up when a choice is made.

57. What is opportunity cost?
F 100

58. Created by voluntary exchange between buyers and sellers.
F 200

59. What is the market-clearing price?
F 200

60. Another name for market forces that create equilibrium prices.

61. What is the “Invisible Hand”?
F 300

62. Where Bhadelia went to college.
F 400

63. What is the University of Texas (of course!)?

64. The greatest high school economics teacher ever.
F 500

65. ( I will accept Ben Stein as a valid response!)
You know the question!
( I will accept Ben Stein as a valid response!)
F 500

66. The Final Jeopardy Category is: Supply and Demand Graphs (DUH!!)
Please record your wager.
Click on screen to begin

67. Click on screen to continue
A graph that shows the effects on equilibrium price and quantity of chicken if the price of beef falls.
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68. Click on screen to continue
What is (graph that shows a decrease in the demand for chickens, with a decrease in both equilibrium price and quantity.)?
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69. Thank You for Playing Jeopardy!
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