market equilibrium
vocabulary
demand
supply
misc
name that cartoon character
100
what happens to price when there is a surplus?
price decreases
100
the desire by a consumer to buy a product.
demand
100
what is this called
demand schedule
100
an increase in government regulation causes supply to do what
decrease
100
what is the law of demand
as price increase, demand decrease, vice versa
100
Joe Swanson
200
If there are 2 columns of quantity demanded, which one will be labeled as "D2"
the right one/second one
200
amount of a product that would be offered for sale at all possible prices in the market
supply
200
if south carolina is expecting torrential rain for the next month, what will happen to the demand of umbrellas
increase
200
Which factor of supply deals with new/more businesses entering the market?
number of sellers
200
what is the law of supply?
as price increase, supply increase, vice versa
200
Brock
300
graph this
discretion
300
the point in which production is at it's most efficient regarding demand and supply
equilibrium
300
public image and advertisements align with which demand factor the most?
consumer taste
300
The tool manufacturing team at Robert Bosch LLC works harder because their boss promises to throw them a party at the end of the week if they double their production goal.
productivity
300
A change in quantity demanded can only be caused by what
price
300
shnitzel
400
based on the graph in 300, what is the shift from D2S1 to D2S2?
price decrease, quantity increase
400
where there is more quantity supplied than quantity demanded
surplus
400
provide an example of how demand for a product would increase due to expectations
discretion
400
define subsidy
a payment from the government to incentivize.
400
what are the 4 advantages of prices (Daily Double)
Neutrality
- Efficiency
Flexibility
Familiarity
400
Mordecai and Rigby
500
based on the graph in 300,how much did the price and quantity change from D1S1 to D1S2? (ex. increase by x/decrease by x)
price decrease by 2, quantity increase by 2
500
minimum legal price that a seller can charge
price floor
500
define diminishing marginal utility
where the extra satisfaction of using additional quantities of a good starts to drop.
500
provide an example where supply would decrease due to cost of inputs
discretion
500
name 2 of the 4 problems with rationing
perceived fairness
administrative expense
abuse and misuse
distorted incentives
500
Jorgen Von Strangle