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Contestants Don’t Forget... …Always phrase your answers in the form of a question! Hands on your buzzers, its... Nerdstick Waterhead Your Mama Hazzard County Afflicted 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500 Nerdstick for $100 Two ways buyers affect price What is…? Demand and willingness to pay Back to Game Nerdstick for $200 Two side effects of a natural disaster on cotton crops. What are…? Price goes up and quantity supply Back to Game Nerdstick for $300 Goods used in place of other products What are…? …substitute goods Back to Game Nerdstick for $400 Desire, ability and willingness to buy a product What is…? demand Back to Game Nerdstick for $500 Libby would rather have a double whopper than the big mac due to… What is…? Consumer taste Back to Game Waterhead for $100 One of the biggest disadvantages of Sammy opening his own archery range. What is…? Unlimited liability Back to Game Waterheads for $200 The market for labor would be part of a ______ market. What is…? Factor market Back to Game Waterheads for $300 Small increase In price leads to a large change in qd. What is…? Price elasticity Back to Game Waterheads for $400 Business type commonly associated with doctors and lawyers. What is…? Partnership Back to Game Waterheads $500 Reginald freely and willingly purchases a mail order bride form a Russian based company on the net. What is…? Voluntary exchange Back to Game Your Mama for $100 If the demand moves left, then supply does this. What is…? decrease Back to Game Your Mama for $200 The U.S. does not have a pure market economy, but rather this. What is…? Mixed economy Back to Game Your Mamafor $300 Suppliers will offer more at higher prices as long as there is sufficient demand. What is…? The law of supply and demand Back to Game Your Mama for $400 The point where quantity supplied equals the quantity demanded What is…? Equilibrium price Back to Game Your Mama for $500 The use of this provides an efficient means of economic exchange What is…? Money Back to Game Hazzard County for $100 An industry that is dominated by a few large firms What is…? Oligopolistic competition Back to Game Hazzard County for $200 I own my own restaurant but have to sell burgers because the corporate office says I have to. I lack these What are…? Franchise rights Back to Game Hazzard County for $300 In this type of competition, there is a large number of buyers and sellers with similar products What is…? Perfect competition Back to Game Hazzard County for $400 New cancer medication would probably have a very low this What is …? Price elasticity Back to Game Hazzard County for $500 The type of competition in which firms can make greater than normal profits for short periods of time What is…? Monopolistic competition Back to Game Afflicted for $100 Probably the biggest motivator for business in a market economy What is…? profit Back to Game Afflicted for $200 These are things corporations sell to generate money for their company. What are…? Shares, stocks or bonds Back to Game Afflicted for $300 If the price of concert tickets goes down, this will increase dramatically What is…? …demand Back to Game Afflicted for $400 Cole invests $15,000 in Reebok. If Reebok goes into debt and experiences bankruptcy, he will only lose $15,000 because of this What is…? Limited liability Back to Game Afflicted for $500 If De- don’t and thousands of others like her get fired for sleeping on the job, this will be the effect on equilibrium price and quantity supplied of dum- dum pops. What is…? Price will increase and quantity will decline Back to Game •Final Jeopardy This is the most common type of variable cost a business owner could incur.