1. Jeopardy 10 20 30 40 50 SUPPLY DEMAND SUPPLY SHIFTS GRAPHS & MATH
COSTS & REVENUE
GRAPHS & MATH 10 20 30 40 50

2. What does the Law of Supply state?
Category A

3. A listing or chart of the various quantities of a product supplied at all possible prices in the market.
Category B

4. Supply has this kind of relationshipC

5. List two factors that can cause a shift in supply
(causes the curve to shift) D

6. The factor that will always affect Quantity Supplied (and Quantity Demanded) is _________.

7. What does the Law of Demand state?

8. Demand has this kind of relationshipG

9. List two factors that can cause a shift in demand
(causes the curve to shift) H

10. What are the three requirements for demand to be met?
(the three characteristics of demand) I

11. An increase in the price of milk causes a decrease in the demand for cereal. The two products are ________________. J

12. The principals at Kenmore West High School offer a free car to be raffled off to seniors with perfect attendance. Productivity will _________, and the supply curve will shift __________. K

13. What factor has caused this change in supply?
Taxes greatly increase for businesses in Western NY. What way will the supply curve shift?
____________
What factor has caused this change in supply?
___________________ L

14. There are more pizza places opening up in Western NY
There are more pizza places opening up in Western NY. The supply of pizza has increased, and the supply curve shifts _________. What factor has caused this shift in supply? ___________________ M

15. due to ______________________.
The United States decides to intervene, and increases restrictions on imported Chinese toys. The supply of Chinese toys will ____________,
due to ______________________. N

16. What factor has caused this change in supply?
The cost of peanut butter has greatly increase, therefore the supply of Reese’s Peanut Butter Cups will _________________.
What factor has caused this change in supply?
_________________________ O

17. What is a fixed cost?
Give one example. P

18. What is a variable cost? Give one example.Q

19. How does a company determine its total revenue?

20. How does a company determine its total costs?

21. What does it mean when a company breaks even?

22. The cost of milk triples. What will happen to the supply of ice cream?
- draw the original curve
- show the shift in the curve
- explain which way it shifts
- what factor caused that shift? U

23. Determine whether Crayola is operating at a profit or loss.
Units Sold: ,500
Average Price: $1.00
Fixed Costs: $1,500
Variable Costs: $3,000 V

24. What will happen to the supply curve of bagels when the oven and conveyer belts at the Lender’s factory break down?
- draw the original curve
- show the shift in the curve
- explain which way it shifts
- what factor caused that shift? W

25. Graph the following supply schedule for CD’s
(don’t forget to label!!).
Price Quantity
$25 15
$20 10
$15 7
$10 5
$5 3
$1 1 X

26. If the current market price for CD’s is $15, what is the quantity that suppliers will be willing to sell? ______ If the price of CD’s decreased to $5, suppliers would be willing to sell how many? _____ Such a change would be a decrease in _______________.
(Supply / Quantity Supplied)
Price Quantity
$25 15
$20 10
$15 7
$10 5
$5 3
$1 1 Y