Supply/Demand
Name two factors that cause a change in demand (or a shift in the demand curve).
What is Consumer Income, Consumer Tastes, Substitutes, Compliments, Change in Expectations, and/or Number of Consumers?
If a given change in price causes a relatively larger change in quantity demanded, economists say the demand is _____.
What is elastic?
This happens when quantity supplied is greater than quantity demanded.
What is a surplus?
This is a government regulation that says that corporations must reveal information to consumers about the products being purchased.
What is Public Disclosure?
This pop music sensation was the original "Material Girl."
Who is Madonna?
This causes movement along the supply or demand curve, not a shift in the curves.
What is a change in price of that product?
A product that does not have any adequate substitutes is this type of elasticity.
What is Demand Inelastic?
This term defines the following scenario and example: A new video game sells out leaving hundreds of consumers still demanding it.
What is a shortage?
Collusion can occur in this type of market.
What is an oligopoly?
In this movie, Jennifer Lopez plays a murdered Tejano music star.
What is Selena?
This states that the quantity demanded of a good or service varies inversely with its price.
What is the Law of Demand?
A product that takes a short amount of time and little capital to increase production level is this type of elasticity.
What is Supply Elastic?
Give a real world example of a price floor.
What is minimum wage?
This market structure uses concepts like product differentiation and nonprice competition to function.
What is monopolistic competition?
What is arcanine?
This is the point where the quantity of goods and services supplied is equal to the quantity demanded.
What is equilibrium?
What type of demand elasticity does coca-cola have?
What is Demand Elastic?
This is the price that leaves neither a surplus nor a shortage.
What is Equilibrium Price?
This type of market failure occurs when there is only one company in an industry.
What is Inadequate Competition?
This is the type of product that the book associated with a Perfect Competition, and is also associated with the concept of being bitter or mad about losing.
What is salt?
Name three factors that cause a change in supply and shift on the supply curve.
What is Cost of Inputs, Productivity, Technology, Taxes & Subsidies, Expectations, Gov. Regulations, and/or Number of Sellers?
What type of elasticity does gasoline have?
Demand inelastic/Supply inelastic
In an attempt to make housing more affordable, cities like New York establish rent controls. Rent controls are an example of _____
What is a price ceiling?
The following is an example of what type of market failure: A military base closes and thousands of people are jobless and unwilling/unable to move to a new city.
What is resource immobility?
This is Mr. Neese's height in inches.
What is 64 inches?