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Jeopardy

Jeopardy. Demand, Supply and Prices. New Stuff. Mystery ???. Market Systems. Demand. Supply. final. $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. $100 Topic #1.

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Jeopardy

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  1. Jeopardy

  2. Demand, Supply and Prices

  3. New Stuff Mystery ??? Market Systems Demand Supply final $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

  4. $100 Topic #1 The Law of Demand States that as price goes up, quantity demanded ______ ________.

  5. $100 Topic #1 • Goes down or decreases

  6. $200 Topic #1 A successful advertising campaign will causes demand to _________ (increase or decrease) and the demand curve to shift to the ________ (left or right).

  7. $200 Topic #1 • Increase, Right

  8. What will happen to the demand for Coke if the price of Pepsi increases. $300 Topic #1

  9. $300 Topic #1 • Increase

  10. $400 Topic #1

  11. $400 Topic #1

  12. If quantity demanded is greater than quantity supplied, what will be created? $500 Topic #1

  13. $500 Topic #1 • Shortage

  14. $100 Topic #2 • According to the Law of Supply, as price goes up, quantity supplied ______ ________.

  15. $100 Topic #2 • goes up

  16. $200 Topic #2 • Which of the following is the best example of The Law of Supply? • A. A pizza place makes more pizza as the price of pizza increases. • B. A college student buys more pizza as the price decreases. • C. A family buys more hot dogs as the price of hamburger increases.

  17. $200 Topic #2 A. A pizza place makes more pizza as the price of pizza increases.

  18. $300 Topic #2 -IF quantity demanded is equal to quantity supplied, a(n) _________ price has been reached in the market.

  19. $300 Topic #2 • Equilibrium

  20. $400 Topic #2 • If supply increases and demand stays the same, what will happen to price?

  21. $400 Topic #2 It will decrease

  22. $500 Topic #2 • If supply decreases and demand increases, what will happen to price?

  23. $500 Topic #2 • Go Up!

  24. $100 Topic #3 • In this kind of economic system, a few seller control the entire market. • A. Oligopoly • B. Monopoly • C. Monopolistic Competition • D. Perfect Competition

  25. $100 Topic #3 A. Oligopoly

  26. $200 Topic #3

  27. $200 Topic #3 D. Perfect Competition

  28. $300 Topic #3 • What kind of market system is most like the Columbian drug cartels?

  29. $300 Topic #3 • Oligopoly

  30. $400 Topic #3 • When government sets a maximum price that can be charged, what has been set?

  31. $400 Topic #3 • A Price Ceiling

  32. DAILY DOUBLE

  33. $500 Topic 3 • Coke and Pepsi, McDonald’s and Burger King operate in what kind of market structure?

  34. Monopolistic Competition $500 Topic #3

  35. $100 Topic #4 IF supply is greater than demand, what has been created, a surplus or a shortage?

  36. $100 Topic #4 • Surplus

  37. $200 Topic #4 Chips and salsa are _______________ products.

  38. $200 Topic #4 • Complementary

  39. $300 Topic #4 • Does a tax increase or decrease supply?

  40. $300 Topic #4 • Decrease

  41. $400 Topic #4 • What is the equilibrium price AND quantity on the graph below?

  42. $400 Topic #4 • Price = $3 • Quantity = 70

  43. $500 Topic #4 • Which curve will have shifted and will it have increased or decreased if price goes up and quantity goes down?

  44. $500 Topic #4 • Decrease in Supply

  45. $100 Topic #5 • In what movie does Will Ferrell remark, “Milk was a bad choice”?

  46. $100 Topic #5

  47. $200 Topic #5 • What does Charlie Sheen’s character do for work on the sit-com Two and a Half Men?

  48. $200 Topic #5 • He’s a jingle writer…he writes music for commercials.

  49. $300 Topic #5 • Tupac’s hit “California Love” was released in what year? • 1990, 1996, 1999, or 2002

  50. $300 Topic #5 • 1996…back when rap music was good. That pseudo R&B garbage you listen to stinks.

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