Show:
Supply
Demand
Perfect Competition/
Monopoly
Monopolistic Competition/
Oligopoly
Wild Card
100
Excess supply is called a
What is surplus
100
Excess demand is called a
What is shortage.
100
The market for bananas is an example of
What is perfect competition
100
Number of firms in monopolistic competition
What is many
100
The point where supply and demand meet.
What is equilibrium
200
A supply graph shows this type of relationship between price and quantity
What is direct
200
A demand graph shows this relationship between price and quantity.
What is indirect/inverse
200
The body that regulates for monopoly
What is the government
200
Variety of goods in an oligopoly
What is some
200
Prices are
What is flexible.
300
An increase in supply causes prices to
What is fall
300
A decrease in demand causes quantity demanded to
What is decrease
300
A government issued document that creates a monopoly
What is a patent
300
Oligopolies control this share of the market
What is 70-80%
300
Anywhere outside of equilibrium
What is disequilibrium
400
This government regulation creates excess supply
What is price floor (minimum wage)
400
This government regulation creates excess demand
What is price ceiling (rent control)
400
A monopoly that the government allows
What is natural
400
What goods and services need to be in a monopolisticly competitive market
What is differentiated
400
The sneakers Mrs. Parkes used in her example of monopolistic competition.
What are Reebok pumps
500
The wage rate at which President Obama wants to set as the minimum.
What is $10.10
500
An increase in population would cause this to happen to price and quantity.
What is increase and increase
500
Controls prices in a perfectly competitive market
What is the market (supply/demand)
500
Examples of non-price competition
What is style, service, location, and advertising.
500
The team Mrs. Parkes would like to win the NCAA tournament (only because her beloved Richmond Spiders are not playing)
What is the University of Virginia.