Supply & Demand
Government Intervention
Market Structures
Market Failures
Elasticity
100

An increase in supply changes quantity and price in which way?

Q Up P Down

100

A price floor typically results in a 

What is surplus

100

Only 1 producer

Monopoly

100

This is why public goods are considered a market failure

What is the free rider problem?

100
When demand is price _____, an increase in price results in a decrease in total revenue.
What is Elastic
200
______ along the supply curve or changes in quantity supplied are driven by price changes.
What is Movement.
200

Draw an accurate subsidy diagram

Supply shifts right

200

When producers in an oligopoly work together to control prices it is called this

What is collusion/price fixing

200

Using economic terminology, this is the difference between a public good and a common pool resources

Public Goods: Non-Excludable & Non-Rivalrous

CPR - Non-Excludable & Rivalrous

200
Consumer _______ is the difference between what a consumer is willing to pay and the market price of a good.
What is Consumer Surplus
300

The ______ illustrates the combined quantity supplied by all consumers in the market at specific prices.

What is Supply Curve.

300
Draw a % tax diagram

Rotation of supply curve

300

Types of products in a perfectly competitive structure

What is identical?

300

Draw an accurate positive externality of production diagram

Diagram

300

A steep demand curve indicates that the product is this type of elastic

What is inelastic

400

Table of data often used to build the demand curve

What is a demand schedule?

400

Government intervention always results in

What is Dead Weight Loss

400

This is the difference between perfect competition and monopolistic competition

Differentiated products in monopolistic comp.

400

Provide 3 examples of a potential fix for a negative externality of consumption

What is tax the good, ban the good, pass legislation, etc.

400

Mr. Knecht starts a economics tutoring business. He's a bit greedy so he decides to raise the price $60 to $70 per session. Due to this, the quantity of tutoring sessions consumed falls 700 sessions per month to 600 sessions per month. Showing your work, is this service elastic or inelastic.

.17/.17 = 1

Unit Elastic

500
The positive relationship between price and quantity supplied (all other things being constant).
What is Law of Supply
500

Draw a price ceiling diagram indicating how community surplus has changed with the implementation of the price ceiling

Diagram

500

Provide an example of a company that fits each of the 4 types of market structures

Monopoly

Oligopoly

Monopolistic Competition

Perfect Competition

500

Evaluate the use of government legislation to correct a negative externality of production

Pros/Cons

Impacts on stakeholders

Short-run vs. long-run

500

A product has a cross elasticity of demand of -3.2. What can be said about these products?

What are complements?

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