Download presentation
Presentation is loading. Please wait.
2
Jeopardy SupplyDemandEquilibriumGov. Interv. Other Q $100 Q $200 Q $300 Q $400 Q $500 Q $100 Q $200 Q $300 Q $400 Q $500 Final Jeopardy
3
$100 Question from H1 What do sellers do if they expect the price of goods they have for sale to increase dramatically in the near future?
4
$100 Answer from H1 store the goods until the price rises
5
$200 Question from H1 A sandwich shop increases the number of sandwiches they supply every day when the price is increased. Is an example of?
6
$200 Answer from H1 The law of supply
7
$300 Question from H1 Which of the following is an example of a good with an inelastic supply?
8
$300 Answer from H1 Toothbrushes
9
$400 Question from H1 What factor has the greatest influence on elasticity and inelasticity of supply?
10
$400 Answer from H1 Time
11
$500 Question from H1 When the selling price of a good goes up, what is the relationship to the quantity supplied?
12
$500 Answer from H1 It becomes practical to produce more goods.
13
$100 Question from H2 When a consumer is able and willing to buy a good or service, he or she creates which of the following?
14
$100 Answer from H2 Demand
15
$200 Question from H2 How is future price related to current demand?
16
$200 Answer from H2 If the price is expected to rise, current demand will rise.
17
$300 Question from H2 Ceteris paribus, or “all other things held constant,” is an assumption that has which of the following effects on a demand schedule?
18
$300 Answer from H2 It takes only prices into account
19
$400 Question from H2 What shows the quantities of products demanded at each price by all consumers in a market?
20
$400 Answer from H2 a market demand schedule
21
$500 Question from H2 A shift in the demand curve means What?
22
$500 Answer from H2 a change in demand at every price
23
$100 Question from H3 What happens when wages are set above the equilibrium level by law?
24
$100 Answer from H3 Firms employ fewer workers than they would at the equilibrium wage.
25
$200 Question from H3 When buyers will purchase exactly as much as sellers are willing to sell, what is the condition that has been reached?
26
$200 Answer from H3 Equilibrium
27
$300 Question from H3 What happens to a market in equilibrium when there is an increase in supply?
28
$300 Answer from H3 Quantity supplied will exceed quantity demanded, so the price will drop.
29
$400 Question from H3 In response to rising car traffic, demand for bicycles has increased. The new equilibrium point will show
30
$400 Answer from H3 more bicycles sold, but at a higher price.
31
$500 Question from H3 The market price is below the equilibrium price. What will result?
32
$500 Answer from H3 Shortage
33
$100 Question from H4 Which of the following is an example of government influence on supply?
34
$100 Answer from H4 subsidies
35
$200 Question from H4 On which kinds of goods do governments generally place price ceilings?
36
$200 Answer from H4 those that are essential but too expensive for some consumers
37
$300 Question from H4 What is the name of the smallest amount that can legally be paid to most workers for an hour of work?
38
$300 Answer from H4 minimum wage
39
$400 Question from H4 Rent control is a type of
40
$400 Answer from H4 Price Ceiling
41
$500 Question from H4 What is a company’s total revenue?
42
$500 Answer from H4 the amount a company receives for selling its goods
43
$100 Question from H5 goods for which the demand falls when income rises
44
$100 Answer from H5 Inferior goods
45
$200 Question from H5 A price increase does not have a significant impact on buying habits.
46
$200 Answer from H5 Inelastic
47
$300 Question from H5 Complete the following sentence: At the most profitable level of production, a firm’s marginal cost will be _____ the market price.
48
$300 Answer from H5 Equal
49
$400 Question from H5 The cost of producing one more Sweater is called?
50
$400 Answer from H5 Marginal cost
51
$500 Question from H5 What determines how a change in prices will affect total revenue for a company?
52
$500 Answer from H5 elasticity of demand
53
Final Jeopardy Demand for movie rentals is highly Elastic. What will happen to a video Store that raises the price of a rental?
54
Final Jeopardy Answer Lose revenue
Similar presentations
