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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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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 The Law of Demand States that as price goes up, quantity demanded ______ ________.
$100 Topic #1 • Goes down or decreases
$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).
$200 Topic #1 • Increase, Right
What will happen to the demand for Coke if the price of Pepsi increases. $300 Topic #1
$300 Topic #1 • Increase
If quantity demanded is greater than quantity supplied, what will be created? $500 Topic #1
$500 Topic #1 • Shortage
$100 Topic #2 • According to the Law of Supply, as price goes up, quantity supplied ______ ________.
$100 Topic #2 • goes up
$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.
$200 Topic #2 A. A pizza place makes more pizza as the price of pizza increases.
$300 Topic #2 -IF quantity demanded is equal to quantity supplied, a(n) _________ price has been reached in the market.
$300 Topic #2 • Equilibrium
$400 Topic #2 • If supply increases and demand stays the same, what will happen to price?
$400 Topic #2 It will decrease
$500 Topic #2 • If supply decreases and demand increases, what will happen to price?
$500 Topic #2 • Go Up!
$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
$100 Topic #3 A. Oligopoly
$200 Topic #3 D. Perfect Competition
$300 Topic #3 • What kind of market system is most like the Columbian drug cartels?
$300 Topic #3 • Oligopoly
$400 Topic #3 • When government sets a maximum price that can be charged, what has been set?
$400 Topic #3 • A Price Ceiling
$500 Topic 3 • Coke and Pepsi, McDonald’s and Burger King operate in what kind of market structure?
Monopolistic Competition $500 Topic #3
$100 Topic #4 IF supply is greater than demand, what has been created, a surplus or a shortage?
$100 Topic #4 • Surplus
$200 Topic #4 Chips and salsa are _______________ products.
$200 Topic #4 • Complementary
$300 Topic #4 • Does a tax increase or decrease supply?
$300 Topic #4 • Decrease
$400 Topic #4 • What is the equilibrium price AND quantity on the graph below?
$400 Topic #4 • Price = $3 • Quantity = 70
$500 Topic #4 • Which curve will have shifted and will it have increased or decreased if price goes up and quantity goes down?
$500 Topic #4 • Decrease in Supply
$100 Topic #5 • In what movie does Will Ferrell remark, “Milk was a bad choice”?
$200 Topic #5 • What does Charlie Sheen’s character do for work on the sit-com Two and a Half Men?
$200 Topic #5 • He’s a jingle writer…he writes music for commercials.
$300 Topic #5 • Tupac’s hit “California Love” was released in what year? • 1990, 1996, 1999, or 2002
$300 Topic #5 • 1996…back when rap music was good. That pseudo R&B garbage you listen to stinks.
