Demand
The Law of Demand states that a/an ________ relationship exists between price and quantity demanded.
What is inverse.
The Law of Supply states that a/an ________ relationship exists between price and quality supplied.
What is direct.
This occurs when the quantity demanded is greater than the quantity supplied: _______.
What is a shortage.
Mark and Andrew start a business that is split evenly between them. What type of business did they just begin?
What is a partnership?
A price control set by the government that sets a legal maximum price on a good and service in a market is called a __________.
What is a price ceiling.
The demand curve is ________ sloping, illustrating the inverse relationship btw/ price and quantity demanded.
What is downward.
The supply curve is ________ sloping, illustrating the direct relationship btw/ price and quantity supplied.
What is upward
This occurs when the quantity supplied is greater than the quantity demanded.
What is a surplus.
Please rank the market from least competitive to most competitive.
What is Monopoly, Oligopoly, Monopolistic Competition, and Perfect Competition.
A government payment to a business that offsets the cost of production is called a __________.
What is a Subsidy.
If Top Ramen is an inferior good, what will happen to the demand for the product if the consumers' incomes decrease?
What is the demand for Top Ramen will INCREASE.
If resources used to create a product become less expensive, this will cause a ________ in supply.
What is an increase.
When a slight increase in price has little to no effect on the quantity demanded, the demand and supply for that product is _______.
What is inelastic.
The fast food industry is an example of a _________ market structure.
What is a Monopolistic Competition
A Price Control set by the government that sets a legal minimum price on a good or service in a market is called a _________.
What is a Price Floor.
A decrease in the price of bacon results in a decrease in the demand for sausage. These two products are ___________.
What are Substitutes.
An increase in innovative technology would cause an ______ in the ________ for a product.
What are increase and supply.
When consumers's need to a particular product is not urgent, demand for that product tends to be ________.
Labubu and Hasboro gain control of 98% of the stuffed animal market. What type of market structure does this best represent.
What is an Oligopoly.
More government regulation cause the __________ curve to __________.
What is supply and decrease.
Within the housing market, the prices of houses goes down. What movement does this situation cause on a S&D Graph?
What is movement down, along the supply curve.
If an experienced assassin merks 50% of all milk producers, the supply curve of milk will shift ______.
What is left.
Each group must choose one person to complete this question. Using the graph on the board, circle the equilibrium and label a possible shortage and surplus.
If you see this, you got it!!
Name ALL barriers to entry.
1. Economies of Scale
2. Superior Technology
3. Geography or Ownership of Raw Materials
4. Government Created Barriers
What will occur if a legal price floor is placed on a good below its free market equilibrium?
What is Nothing!!!