Demand Graph
Supply Graph
Elastic Demand
Elastic Supply
Current Event
100
The abbreviation that represents the factors that can grow and shrink demand, unrelated to price?
What is P.O.I.N.T.?
100
The most basic law relating to supply through price.
What is the law of supply?
100
Is this graph elastic or inelastic?
This is an Inelastic Graph!
100
Is this Supply Curve Elastic or Inelastic?
Elastic!!!
100
What event heavily effected the supply and demand of chips that ultimately caused a shortage of them
Covid-19 Pandemic
200
What is the difference between quantity demanded, and demand?
Quantity demanded represents shifts through strictly price in the current market, demand represents the different amounts of demand at all prices
I.E. Increase in quantity demanded means the price changed and more people want it. V.S. Increase in demand means at ANY price more people want it.
200
The abbreviation that represents the factors that can grow and shrink supply, unrelated to price?
What is T.P.R.O.N.G.?
200
Would the demand for electricity be elastic or inelastic? And Why?
Inelastic! because since its a heavily utilized good, it is unlikely that the demand would be sensitive to change
200
These products are considered elastic EXCEPT
A) Dino Nuggies B) Tinker Bell Socks
C) Crayons D) Water
D) Water
200
In January 2021, computer chips were at a record high of...
A) $30 Billion B) $43 Million
C) $40 Billion D) $46 Billion
C) $40 Billion
300
What does equilibrium represent in a market graph? What are the forces that make it the optimal position?
Equilibrium - The optimal spot of production and consumption, where the price is considered "optimal" for that period in time.
The effects of shortage and surplus encourage a market towards equilibrium.
300
How could a change in quantity supplied show a decrease in quantity demanded without any knowledge of the demand curve?
Through an increase in quantity supplied, it could be seen that price went up, and thus through the law of demand; demand went down.
300
What's the difference between Elastic demand and Inelastic demand
Elastic Demand: When the quantity of demand is sensitive to change of price
Inelastic Demand: When the quantity of demand is insensitive to change of price
300
When the price increases on an elastic curve, what happens to the quantity of supply?
A) Increases Drastically C) Decreases Drastically
B) Decreases Slightly D) Increases Slightly
A) Increases Drastically
300
Witch Largest Automakers had to shut down many of its plants due to the chip shortage, and ultimately lost 2 billion dollars
What is General Motors