Demand, Supply and Prices

Demand, Supply and Prices

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Demand Supply Market Systems

New Stuff

Mystery ???

final

$100 Topic #1

The Law of Demand States that as price goes up, quantity demanded ______ ________.

$100 Topic #1

Goes down or decreases

$200 Topic #1A 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

$300 Topic #1

What will happen to the demand for Coke if the price of Pepsi increases.

$300 Topic #1

Increase

$400 Topic #1

$400 Topic #1

$500 Topic #1

If quantity demanded is greater than quantity supplied, what will be created?

$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 #2A. 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 #2It will decrease

$500 Topic #2

If supply decreases and demand increases, what will happen to price?

$500 Topic #2Go 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

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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

DAILY DOUBLE

$500 Topic 3Coke and Pepsi, McDonald’s

and Burger King operate in what kind of market structure?

$500 Topic #3

Monopolistic Competition

$100 Topic #4IF 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 #4Decrease in Supply

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

$100 Topic #5

$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 #5Tupac’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.

$400 Topic #5

When is the first presidential debate in 2012?

$400 Topic #5

Tonight!!!

Watch it.

DAILY DOUBLE

$500 Topic #5

Who wrote the Declaration of Independence?

$500 Topic #5

Thomas Jefferson!

Price has increased and quantity has increased…what

curve has shifted and did it increase or

decrease?

Demand has increased.

And the winner is…..