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Jeopardy All things equal Changes Less or More More of Less Price 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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$100 The point at which quantity demanded equals quantity supplied
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$100 What is equilibrium?
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$200 Government-set price floor On earnings.
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$200 What is minimum wage?
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$300 The legal maximum that can be charged for a good.
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$300 What is a price ceiling?
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$400 When quantity demanded is more than quantity supplied.
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$400 What is a shortage?
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$500 This condition results in one of two outcomes, a shortage or a surplus.
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$500 What is disequilibrium?
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$100 When quantity supplied is More than quantity demanded.
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$100 What is a surplus?
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$200 The type of goods on which The government typically Places a price ceiling.
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$200 What is essential but expensive?
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$300 This happens to price when there is a shortage of a good.
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$300 What is it increases?
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$400 To prevent inflation during a housing crisis the government may impose this.
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$400 What are rent controls?
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$500 To keep agricultural prices from going too low the government, in the past, has taken this measure which Keeps prices artificially high.
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$500 What is to buy excess crops?
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$100 When a new ‘fad’ is introduced into the market, demand is increased through this tactic
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$100 What is advertising?
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$200 The quantity of goods a company has on hand.
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$200 What is inventory?
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$300 Extra time used to ‘shop around’ and increased cost in gasoline is an example of this.
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$300 What are search costs?
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$400 This often results in shortages, long waiting lists, discrimination, a lottery system, and poor living conditions
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$400 What are rent contols?
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$500 This incentive results in the Most efficient allocation of resources.
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$500 What is the profit motive?
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$100 A system of allocating goods and services using criteria other than price, and found Typically in a centrally planned Economy.
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$100 What is rationing?
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$200 A sudden shortage of a good.
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$200 What is supply shock?
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$300 Illegal business conducted without regard to government controls.
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$300 What is black market activity?
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$400 Air and water pollution are examples of this type of problem that prevents efficient allocation of resources.
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$400 What is a negative externality?
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$500 This market problem results when only a few firms are selling a product and collude to set prices.
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$500 What is imperfect competition?
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$100 In the face of high demand and high prices producers will do this?
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$100 What is increase production?
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$200 The smallest amount that Can be paid to a worker For one hour of labor.
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$200 What is the minimum Wage?
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$300 Its free, flexible and signals producers and consumers?
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$300 What is price?
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$400 This type of system allows For a wide diversity of goods.
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$400 What is a market based economy or price-driven economy?
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$500 Author of The Wealth of Nations?
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$500 Who is Adam Smith?
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Final Jeopardy What line a-b represents $ 35 3 30 5 10 15 20 25 0 1 6 10 1513 Wages No. of Employees ab
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Final Jeopardy Answer What is a price floor?
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