Supply and Demand
These two forces make up market forces
What are supply and demand?
This is the point where quantity supplied = quantity demanded
What is equilibrium?
This would be an example of an elastic good
you got it right good job :)
A legal maximum price set below the equilibrium point would also be known as this
What is a price ceiling?
Stan Lee is the former president of this comic book company
What is Marvel?
This is what the law of supply states
What is as price increases, quantity supplied increases?
This term is used to describe when the price is above or below equilibrium
What is disequilibrium?
This would be an example of an inelastic good
Wooooooooooooooow good job great answer so good wow :D
A legal minimum price set above equilibrium would be known as this
What is a price floor?
This girl's name is also the 'rights' given by the police before an interrogation?
Who is Miranda?
This is what the law of demand states
What is as price increases, demand decreases
This is what occurs when the price of an item is above equilibrium
What is a surplus?
If a small price change leads to a large change in demand, demand is described as this
What is elastic?
This would be an example of a price floor
AMAZING YOU DID IT I CAN'T BELIEVE IT
The Impressionism art movement is named after whose 'Impression, Sunrise' painting?
Who is Claude Monet?
What are substitutes?
This occurs when the price of an item is below the equilibrium point
What is a shortage?
The responsiveness of demand to changes in price would be known as this
What is the elasticity of demand?
This would be an example of a price ceiling
YOU ARE ON A ROLL LOOK OUT EVERYBODY CAPTAIN SMARTY PANTS HAS THEIR THINKING CAP ON
Ulaanbaatar or Ulan Bator is the capital of this Asian nation
What is Mongolia?
When there is a high demand for peanut butter, there is often a high demand for jelly. These two goods are called this
What are compliments
This is another name for the equilibrium price
What is the market-clearing price?
If demand is elastic, raising prices will cause this to happen to the total revenue
What is decrease?
Minimum wage set by the government would be an example of this
What is a price floor
This musical is based on the songs of the hit Swedish group ABBA
What is "Mamma Mia"?