Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Jeopardy Supply Demand Equilibrium Gov. Interv. Other 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 $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? $100 Answer from H1 store the goods until the price rises $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? $200 Answer from H1 The law of supply $300 Question from H1 Which of the following is an example of a good with an inelastic supply? $300 Answer from H1 Toothbrushes $400 Question from H1 What factor has the greatest influence on elasticity and inelasticity of supply? $400 Answer from H1 Time $500 Question from H1 When the selling price of a good goes up, what is the relationship to the quantity supplied? $500 Answer from H1 It becomes practical to produce more goods. $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? $100 Answer from H2 Demand $200 Question from H2 How is future price related to current demand? $200 Answer from H2 If the price is expected to rise, current demand will rise. $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? $300 Answer from H2 It takes only prices into account $400 Question from H2 What shows the quantities of products demanded at each price by all consumers in a market? $400 Answer from H2 a market demand schedule $500 Question from H2 A shift in the demand curve means What? $500 Answer from H2 a change in demand at every price $100 Question from H3 What happens when wages are set above the equilibrium level by law? $100 Answer from H3 Firms employ fewer workers than they would at the equilibrium wage. $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? $200 Answer from H3 Equilibrium $300 Question from H3 What happens to a market in equilibrium when there is an increase in supply? $300 Answer from H3 Quantity supplied will exceed quantity demanded, so the price will drop. $400 Question from H3 In response to rising car traffic, demand for bicycles has increased. The new equilibrium point will show $400 Answer from H3 more bicycles sold, but at a higher price. $500 Question from H3 The market price is below the equilibrium price. What will result? $500 Answer from H3 Shortage $100 Question from H4 Which of the following is an example of government influence on supply? $100 Answer from H4 subsidies $200 Question from H4 On which kinds of goods do governments generally place price ceilings? $200 Answer from H4 those that are essential but too expensive for some consumers $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? $300 Answer from H4 minimum wage $400 Question from H4 Rent control is a type of $400 Answer from H4 Price Ceiling $500 Question from H4 What is a company’s total revenue? $500 Answer from H4 the amount a company receives for selling its goods $100 Question from H5 goods for which the demand falls when income rises $100 Answer from H5 Inferior goods $200 Question from H5 A price increase does not have a significant impact on buying habits. $200 Answer from H5 Inelastic $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. $300 Answer from H5 Equal $400 Question from H5 The cost of producing one more Sweater is called? $400 Answer from H5 Marginal cost $500 Question from H5 What determines how a change in prices will affect total revenue for a company? $500 Answer from H5 elasticity of demand Final Jeopardy Demand for movie rentals is highly Elastic. What will happen to a video Store that raises the price of a rental? Final Jeopardy Answer Lose revenue