Demand
Supply
Changing Factors
Supply and Demand
Profits
100
The desire for the good and the ability to pay for it is what?
Demand
100
If a producer is willing and able to sell a good, what is this called?
Supply
100
What is the one thing that changes for there to be a change in quantity demand/supply?
Price of the good
100
What is the point called where quantity demanded is the same as quantity supplied?
Market Equilibrium
100
What 2 things must you add together to find your total cost?
Fixed and Variable Costs
200
Come up to the board and draw a demand curve
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200
Come up to the board and draw a supply curve.
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200
Name 3 factors that change supply.
Input Costs
Supply Shock
Technology
Government Action
Producer Expectations
Number of Producers
200
What is it called when quantity demanded is greater than quantity supplied, or when prices are too low?
Shortage
200
What is the equation to find profit?
Total Revenue -- Total Costs
300
The Law of Demand states what.
Price goes up = Quantity down
Price goes down = Quantity Up
300
What does the Law of Supply state?
Price goes up = Quantity goes up
Price goes down = Quantity goes down
300
Name 3 Factors that change demand.
Income
Market Size
Consumer Tastes
Consumer Expectations
Substitute Goods
Complementary Goods
300
What is the Equilibrium Price?
$3
300
At what output point do you see the end of Increasing Returns and the start of Diminishing Returns?
23 Beanbags
400
When a change in price results in a large change in quantity demanded, demand is said to be what?
Elastic
400
What is the difference between a Fixed cost and a Variable cost?
Fixed costs stay the same no matter what. Variable costs change as output changes.
400
If advertisements for the Fushigi played three times an hour on TV. Would this change supply or demand?
Demand
400
If the supply of this good were to increase, what would happen to the Equilibrium Price and the Equilibrium Quantity?
Price would decrease and Quantity would increase
400
Using the chart find the total cost.
$140
500
If the price of the good increased and the total revenue of the good increased as well, is demand elastic or inelastic?
Inelastic
500
Which price control is a maximum price that sellers may charge for a good or service, set below equilibrium, resulting in a shortage?
Price Ceiling
500
If the government put a subsidy on the production of cereal. Would this change Supply or Demand?
Supply
500
If the demand of this good were to decrease, what would happen to the Equilibrium Price and the Equilibrium Quantity?
Price and quantity decrease
500
Using the chart, find the profit.
$200