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
Choose a category. You will be given the answer. You must give the correct question. Click to begin. Click here for Final Jeopardy Demand & Supply Equilibrium Price Controls Prices & Profits Money Mix It Up 10 Point 10 Point 10 Point 10 Point 10 Point 10 Point 20 Points 20 Points 20 Points 20 Points 20 Points 20 Points 30 Points 30 Points 30 Points 30 Points 30 Points 30 Points 40 Points 40 Points 40 Points 40 Points 40 Points 40 Points 50 Points 50 Points 50 Points 50 Points 50 Points 50 Points You want it AND have the $$$ to buy What is demand This trendy reason is a big one that will cause a demand curve to shift left OR right, & it’s one after the other What is consumer tastes & advertising All the products available for purchase in an economy What is supply The test for elastic supply is this; I never have enough What is TIME Elastic Demand means consumers are very sensitive to this What is price The # 1 function of money What is medium of exchange In shopping for a new car, you compare prices & engage in this function of money What is unit of account This makes the Diagram of Economic Interdependence go ‘round; not love What is Money The most important characteristic of money What is acceptable Money characteristic you can take with you What is portability This is where the market likes to be What is equilibrium This is where consumers will buy at the price producers are will to produce; Qd = Qs What is equilibrium Another name for market clearing price What is equilibrium A “jump” in the market will cause a shift in this What is equilibrium Equilibrium is found where these 2 curves cross on a graph What is demand and supply This price control causes a shortage; I can’t find a stinking apartment What is a price ceiling or rent control This price control sets the price below equilibrium; everyone can afford it What is a price ceiling This price control causes a surplus and drives up the price unnecessarily What is a price floor This price control set by the government says you cannot be paid less than $7.25 an hour What is minimum wage This price control says you will not pay more than a certain amount for an apartment in NYC What is rent control You silently negotiate price by doing this What is by buying or not buying a product This is the thing that affects consumer and producer behavior the most What is price With an inelastically demanded product, revenue will do this if price increases What is increase With an elastically demanded product, revenue will do this if price goes up What is decrease This is the sole incentive for a business to exist What is profit motive The French phrase that describes the government’s involvement in a mixed economy What is Laissez Faire This market structure sells products that are similar but not identical What is monopolistically competitive This business organization has only one receiver of profit What is a sole proprieter This market structure is a monopoly the government WILL allow What is a natural monopoly This market structure has only a few businesses producing 70-80% of the products What is a oligopoly Make your wager A new research study finds that drinking coffee can reduce the risk of colon cancer by 40% in some people. a. Identify the shifter in the market. b. What curve does this study force to shift (jump)? c. Draw a correctly labeled graph that illustrates how this study changes the competitive model for price and quantity for coffee. A: Consumer tastes B: Demand Curve Price of Coffee Beans per pound P2 2.00 S 1.75 E2 1.50 1.25 P1 E1 1.00 .75 D2 .50 D1 7 9 11 13 15 17 Quantity of Coffee Beans (billions of pounds)