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Jeopardy Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200
Equilibrium Price Elastic or Inelastic Demand Supply Shifts Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy
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$100 The more ice cream cones Lauren buys, the less she wants them, because she is getting full. What economic concept does this example illustrate?
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$100 Law of Diminishing Marginal Utility
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$200 Paige, Brooke, and Mo love to read. At a price of $12.95 per book, quantity demanded is 3 for Lauren, 4 for Brooke, and 6 for Mo. What concept do Brooke and her 4 books represent?
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$200 Individual Demand
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$300 If the price of Ruffles potato chips goes up, what will most likely happen to the demand for Lay’s potato chips?
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$300 Demand will increase
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$400 If the price of baseball bats rises, what will most likely happen to the demand for baseballs?
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$400 Demand will decrease
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$500 Miranda has a monthly income of $3,000. OF this amount, she spends $300 a month on going to concerts with her friends and $20 a month on books. What would Miranda be more likely to cut back on and why?
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Concerts because she spends a large amount of her income on them
$500 Concerts because she spends a large amount of her income on them
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$100 The quantity supplied refers to
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The amount supplied at a particular price
$100 The amount supplied at a particular price
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$200 The word supply refers to
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$200 The willingness and ability to produce a good
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The law of supply states that ___
$300 The law of supply states that ___
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$300 The quantity supplied of a good rises when the price of the good rises
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$400 Higher per-unit production costs would cause producers to
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$400 Supply less
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$500 List three factors that can cause a supply curve to shift
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$500 Resource Prices Technology Taxes Subsidies Quotas
Number of Sellers Future Price Weather (in some cases) Income Preferences Prices of Related Goods Number of Buyers Future Price Expectations
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100 Equilibrium price is
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$100 The price that occurs when the quantity
demanded is equal to the quantity supplied
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200 When there is a surplus in the market, what happens to the price of a good
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$200 Prices may fall
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300 If a low-fat diet swept the nation, what would happen to the equilibrium price of hamburgers?
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$300 It would go down
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$400 If new technology was introduced in the gadget-manufacturing process, what would happen to the equilibrium price and quantity of gadgets?
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400 Equilibrium price goes down, Equilibrium price goes up
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500 If the US government imposes a quota on Japanese vehicles, what would happen to equilibrium price & quantity of Japanese vehicles?
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$500 Equilibrium price goes down, Equilibrium quantity does down
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$100 A shift in a demand curve represents what?
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$100 A change in demand
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$200 What will happen in the car market if consumers expect higher prices in the near future?
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The demand for cars will increase
$200 The demand for cars will increase
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$300 If the demand curve shifts to the left, it means
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300 Buyers want to buy less
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400 With complementary goods, what happens on the demand curve?
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$400 The demand for one good moves in the opposite direction as the price of the other good
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$500 When goods are substitutes, what happens on the demand curve?
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$500 The demand for one good moves in the same direction as the price of the other good.
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$100 If there are few or no substitutes for a good, then would the demand be inelastic or elastic?
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$100 Inelastic
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$200 If demand for a good is elastic and its price decreases, total revenue
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$200 Goes up
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$300 The demand for necessities such as milk, electricity and water is usually
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$300 Inelastic
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$400 If sellers do no respond to a change in price, supply is ____
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$400 Inelastic
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$500 When quantity supplied changes by the same percentage as price it is ____
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$500 Inelastic
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Final Jeopardy Describe the difference between price ceiling and price floor
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Final Jeopardy Answer
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