Demand, Demyth, Delegend
Sup Liars?
Perfectly Elastic, as all things should be
The Price is Wrong
The Imperfect Market
100
The desire for something and the ability to pay for it
What is Demand?
100
The amount of a product produced and available for purchase
What is Supply?
100
Lay's Potato Chips, a truly replaceable food
What is elastic demand?
100
"troll - in the dungeons - thought you ought to know"
What is Harry Potter and the Sorcerer's Stone?
Who is Professor Quirrel?
100
The only good monopoly
What is a natural monopoly?
200
As the price for something decreases, more people want it and can afford it.
What is the Law of Demand?
200
Movement along the Supply curve is caused by
What is a change in price?
200
700 dollars? Well, I have to buy it anyway...
What is Inelastic Demand?
200
The price where supply meets demand
What is the equilibrium price?
200
"Quit, don't quit. Noodles, don't noodles."
What is Kung Fu Panda?
Who is Master Oogway?
300
The goods that are demanded by college students
What are inferior goods?
300
Oh no, I made too many bags of pop rocks!
What is a Surplus?
300
"So this is how liberty dies... with thunderous applause"
What is Star Wars Episode III: Revenge of the Sith?
Who is Padme Amidala?
300
The government pays farmers to produce more food, especially dairy, meat and corn
What are subsidies?
300
In a perfect competition all firms must sell
What is Identical Goods?
400
Oh no, why is there not enough toilet paper for me?
What is a shortage?
400
"Don't rush me, sonny. You rush a miracle man, you get rotten miracles"
What is the Princess Bride?
Who is Miracle Max?
400
Give three pairs of complementary goods...
What are...
400
The states of shortage and surplus caused by firms raising and lowering prices while looking for equilibrium
What are fluctuations?
400
A product that is basically the same, no matter who is selling it
What is a Commodity?
500
“You think my life is some precious thing to me? That I would trade my honor for a few more years... of what? You grew up with actors. You learned their craft and you learned it well. I grew up with soldiers. I learned to die a long time ago.”
What is Game of Thrones?
Who is Ned Stark?
500
The price of rubber increased. The supply curve of cars must...
What is shift to the left?
500
Even if I wanted to, I'm already at capacity. I can't make more til I make more factories
What is inelastic supply?
500
Rent Control is an example of a...
Minimum wage is an example of a ...
What is a Price Ceiling? (RC)
What is a Price Floor? (MW)
500
the study of how individual people, households, and businesses make decisions to allocate scarce resources
What is Microeconomics?