3. JEOPARDY RULES You will be divided into three teams. Each member of the team will take turns giving the solution. Once your host finishes reading the answer, the first person to raise their hand gets to state the answer for their team! The team with the most points in the end gets 3 bonus points; 2 bonus points for the team in second and 1 bonus point for third place. http://rubbercat.net/mt/2012-06/

4. DEMANDSUPPLY MARKET EQUILIBRIUM BUSINESS TYPES MARKET FORMS

5. It is the desire to use a good/service and the ability to pay for it. Demand Demand $200

6. When the price of goods are lower, demand for that good should… Increase Demand $400

7. This factor of change is when goods are used together; a rise in demand for one good will increase demand for the other. Complements Demand $600

8. The elasticity for the demand curve for luxury goods or goods with many substitutes is this… Elastic Demand $800

9. When the price of solar panels falls, the demand curve for wind turbines will… Shift to the Left Demand $1,000

10. These expenses vary based on the rate of production. Variable Expenses Supply $200

11. You will move along the supply curve if there is a change in what factor… Price Supply $400

12. It’s when hiring more workers improves one’s rate of production. Increasing Returns Supply $600

13. If producers expect the price of their product to rise in the future, the supply curve will… Shift to the Right Supply $800

14. A supply curve is this, when it takes longer to adjust production to a change in price. Inelastic Supply $1,000

15. It’s the point where quantity supplied is the same as quantity demanded. Equilibrium Price Market Equilibrium $200

16. When the demand for a product goes down, this happens to equilibrium price… Price Goes Down Market Equilibrium $400

17. This occurs when demand is greater than supply. Shortage Market Equilibrium $600

18. This occurs when quantity supplied and quantity demanded are not equal. Disequilibrium Market Equilibrium $800

19. Companies conduct this in order to figure out prices at which consumers will buy goods, and prices firms will sell goods. Market Research Market Equilibrium $1,000

20. It’s when businesses merge that are involved in different steps of making or advertising for a good. A Vertical Merger Business Types $200

21. It’s a person who buys the right to sell a company’s product in a given area. Franchisee Business Types $400

22. They are businesses that are operated for the shared benefit of the owners. Conglomerate Business Types $600

23. Limited funds, unlimited liability and a limited life span are all disadvantages of this business. Sole Proprietorship Business Types $800

24. It’s the profit that is shared by a corporation with its stockholders… Dividend Business Types $1,000

25. It’s when there is just one seller who can in turn control prices. A Monopoly Market Forms $200

26. It’s a law that protects a company’s idea or invention for a number of years. A Patent Market Forms $400

27. With this market type, all products are standard and buyers/sellers act independently. Pure/Perfect Competition Market Forms $600

28. Companies use differentiation to distinguish their products in this market structure. Monopolistic Competition Market Forms $800

29. OPEC is an example of this type of market structure. A Cartel Market Forms $1,000

31. Draw a supply & demand curve to answer this question Dell is selling computers and Apple decides to raise the price of its Mac Books by $500. Which factor of demand for Dell caused this change? What was Dell’s original equilibrium price? What is Dell’s new equilibrium price now? (LABEL EVERYTHING!)

32. 020 400 200 0 120 100806040 800 600 1,000 140 Price ($) Quantity DEMAND 2 DEMAND 1 SUPPLY