PPC
Supply
Demand
macroeconomics
Potpourri
100
How many goods are considered on the PPC graph
2
100
What does supply mean?
How much of a product/recourse their is.
100
What does demand show us? (through the eyes of an economist)
How much consumers are willing to buy a product.
100
What is along the vertical axis? Horizontal axis? For a supply and demand graph
Price and Quantity
100
Average weight of a penguin
2.7
200
What does a PPC show us?
Production possibilities
200
What slope does the supply graph has?
Positive
200
What slop is the demand graph?
negative
200
What is the difference between a complimentary and supplementary good?
compliment compliments, supplementary substitutes.
200
When did windows 95 release to the public?
1995
300
If a point is inside the PPC graph (not on the frontier) what is that showing us?
Insufficiently
300
As prices raise, what happens to supply?
Increase
300
Id prices of a product rises, what will happen to demand?
Lower
(is it opposite in current/new culture norms?)
300
In a free market, what decides price?
Supply and demand
300
What car brand logo is that?
400
If a company is growing, what happens to the PPC graph?
Frontier expands
400
How can sellers fix a surplus on their products?
Lower price or increase demand
400
What could shift the demand curve to the right?
Increase in demand soooo holidays, new tech, new recourses, seasons, etc..
400
What is it called when the quantity supplied is higher than the quantity demanded?
Surplus
400
what year did the civil war start?
1961
500
What point is the most efficient for both products?
500
What is it called when supply and demand meet?
Market equilibrium
500
What is a price floor?
Causes the price to go up
500
What is a price ceiling?
Causes price to go down or not go above a certain point.
500
what movie won best costume design at the Oscars last week?
Wakanda Forever