2. $100
$100
$100
$100
$100
$200
$200
$200
$200
$200
$300
$300
$300
$300
$300
$400
$400
$400
$400
$400
$500
$500
$500
$500
$500

3. Demand

4. Supply

5. Elasticity

6. Costs and Revenue

7. Vocabulary

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

9. Listing that shows the quantities demanded of a product at all prices

10. Ability, willingness and desire to buy a product

11. What would happen to the demand curve if customer’s income increases?

12. C 1 - $400
What would happen to the demand curve for butter if the price of margarine decreased?

13. C 1 - $500
This illustrates the quantities demanded by everyone interested in buying a product.

14. Amount of a product that would be offered for sale at all
possible prices

15. supplied at all possible prices that might
Graph showing the
various quantities
supplied at all possible prices that might
prevail in the market

16. Amount of a product that producers bring to market at any given price

17. C 2 - $400
If the number of
sellers of a product increased what would happen to the market demand curve?

18. What would happen to the supply curve if taxes on
businesses increased?

19. no effect, the demand for the product is
If a modest price
increase has little or
no effect, the demand for the product is

20. C 3 - $200
When a change in price causes a relatively larger change in quantity demanded then demand
is said to be this

21. C 3 - $300
If the price of medicine increases by 30% and the quantity demanded decreases by 30%. Demand for the
product is what?

22. output to higher prices quickly, than supply
If a firm can adjust
output to higher prices quickly, than supply
is likely to be this.

23. C 3 - $500
If a producer raises the price of a good with inelastic demand, what will happen
to revenue?

24. Cost a business incurs even if there is little
or no activity

25. Cost that changes when the rate of operation or output changes

26. What is another name for total fixed costs?

27. C 4 - $400
This equals the number of units sold multiplied by the average price per unit.

28. Production level where total cost equals total revenue

29. Products that are used in place of other products.

30. use of one product increases the use
Products where the
use of one product increases the use
of another product

31. to encourage or protect an economic activity
Government payment
to encourage or protect an economic activity

32. satisfaction from using additional quantities
Decline in extra
satisfaction from using additional quantities
of a product.

33. Change in quantity demanded because a
price change altered consumers’ real income.

34. C 1 A - $100
Demand
Schedule $

35. C 1 A - $200
Demand $

36. The demand curve would shift
C 1 A - $300
The demand curve would shift
to the right. $

37. C 1 A - $400
The demand curve
for butter would
shift to the left. $

38. C 1 A - $500
Market Demand
Curve $

39. C 2 A - $100
Supply $

40. C 2 A - $200
Supply Curve $

41. C 2 A - $300
Quantity
Supplied $

42. The market demand curve would shift to the right
C 2 A - $400
The market demand
curve would
shift to the right $

43. The supply curve would shift to the left
C 2 A - $500
The supply curve
would shift
to the left $

44. C 3 A - $100
Inelastic $

45. C 3 A - $200
Elastic $

46. C 3 A - $300
Unit Elastic $

47. C 3 A - $400
Elastic $

48. C 3 A - $500
Revenue will increase. $

49. C 4 A - $100
Fixed Cost
                                              $

50. C 4 A - $200
Variable Cost $

51. C 4 A - $300
Overhead $

52. C 4 A - $400
Total Revenue $

53. C 4 A - $500
Break-Even
Point $

54. C 5 A - $100
Substitutes $

55. C 5 A - $200
Complements $

56. C 5 A - $300
Subsidy $

57. Diminishing Marginal Utility
C 5 A - $400
Diminishing
Marginal
Utility $

58. C 5 A - $500
The Income Effect $

60. The Theory of Production
FJ Topic
The Theory of Production $

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

62. FJ Ans
The Long Run $

63. END OF GAME