Laws (Of All Sorts)
A positive relationship between a product's price and its available quantity.
What is The Law of Supply?
Come up and draw what the Graph of Supply looks like.
What is bottom-left to top-right?
Metal-head Rupert, who would've purchased concert tickets for $100, purchases some for $40 -- a _____ of $60.
What is Consumer Surplus?
Just describe an oligopoly to me, thanks.
What is A Market with Few Sellers?
A negatively-related relationship between income and quantity demanded describes these.
What are inferior goods?
To find the total market demand, one adds all ____ for a given market.
What are Demand Curves?
Robinson and Crusoe help showcase this fundamental economic principle.
This form of competition is the most common type of imperfect competition.
What is Monopolistic Competition?
Describe capital.
What are physical goods, services, money, etc etc?
These five terms dictate the "shifters" of demand.
What is INSECT (Income, No. of Buyers, Substitutes, Expectations, Complements, Tastes)?
What is (Percent Change in Quantity Demanded) / (Percent Change in Price)?
Help! The few suppliers providing a cure to my disease are colluding and acting like a monopoly! The term I would use to describe this would be...
What is a Cartel?
This hypothetical states that if two parties can bargain without cost over resource allocation, they can solve externalities on their own -- with the power of friendship.
What is the Coase Theorem?
S.T.O.R.G. is a mnemonic for these basic principles.
What are Scarcity, Trade-Offs, Opportunity Costs, Rationality, and Gains from Trade?
This occurs to the position of a demand/supply line when prices change.
What is Nothing?
Taxes represent a demand shifter in this direction.
What is Downwards?
Shucks! I failed to establish private property rights to my market! The following is sure to happen...
What is Market Failure?
This reduction occurs in total surplus as of a market distortion -- say, taxes.
What is Deadweight Loss?
This cited text, written by a famous early-American philosopher, is one of the earliest documentation of modern economics we have to date.
What is Extraneously Convoluted ("An Inquiry into the Nature and Causes of the Wealth of Nations")?
A federal law that mandates mass adoption and subsidization of electric vehicles. Explain a few things that might happen to some associated markets.
What is Gasoline Market Demand shifts left, Electric Vehicle Charging Supply shifts right, etc etc?
I hope you got "price discrimination" right!
Monopolies are caused by barriers to entry, sure -- but please provide examples of all three of the major types mentioned in the resource guide.
What is NOG -- Natural, Ownership-based, or Governmental?
I'm opening up an online store that sells exclusively hip, trendy, reusable water bottles. Please list one possible positive and negative externality.
Positives may include internet trends, national recommendations on hydration, etc.
Negatives may include internet outages, biotechnical augmentations disallowing water consumption, etc.
Vilfredo Pareto died in this year.
What is A Stupid Question (1923)?