assignment : jeopardy (25 notes) mr. robinson chapter 4 + 5
TRANSCRIPT
Assignment : Jeopardy (25 notes)
Mr. Robinson
Chapter 4 + 5
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A ________ curve is a graphic
representation of a demand schedule.
(82)
$100
A demand curve is a graphic
representation of a demand schedule.
(82)
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A substitute is… (88)
$200
A substitute is… (88) a good
that replaces another good.
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A _______ good is one that consumers will demand MORE of when they make MORE money (86)
$300
A normal good is one that consumers will demand MORE of when they make
MORE money (86)
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A good that is always used with another good is a _________. (88)
$400
A good that is always used with another good is a complement (88)
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Total revenue is the amount of _______ a company receives for
selling goods and services (95)
$500
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Total revenue is the amount of money a company receives for selling goods and services (95)
The law of ______ is the tendency of suppliers
to offer more of a good for a high price. (101)
$100
The law of supply is the tendency of
suppliers to offer more of a good for a high price. (101)
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A _____ tax is a payment to the
government on the production of certain
goods. (118)
$200
An excise tax is a payment to the
government on the production of
certain goods. (118)
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A ______ is a government payment
that supports a business or market.
(117)
$300
A subsidy is a government payment
that supports a business or market.
(117)
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$400
________ revenue is the additional income from selling one more unit of a good. (112)
Marginal revenue is the additional
income from selling one more unit of a
good. (112)
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$500
When a person is able and willing
to buy something, they create _______.
(79)
When a person is able and willing to
buy something, they create demand (79)
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Inferior goods are… (87)
$100
Inferior goods are… (87) things you buy less of as you make
more money
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If future price is expected to rise, current
demand will ______.
If future price is expected to rise, current
demand will rise.
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$300
Which good has an inelastic supply (104):
Apples, hats, beanbags,
toothbrushes
Which good has an inelastic supply
(104):
Apples
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$400
_____ has the greatest influence on elasticity of
supply.
Time has the greatest influence on elasticity of
supply.
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$500
How is profit determined?
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How is profit determined?
Total revenue – total cost = profit.
$100
If I was a farmer and I knew the price of my wheat I was selling would go up next
month, I would… (119)
If I was a farmer and I knew the price of my wheat I was selling would go up next
month, I would… store it and sell it next
month (119)Back
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$200
_______ cost is the cost of making one more unit of a good.
(111)
Marginal cost is the cost of making one more unit of a good.
(111)
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$300
Elasticity of _______ shows how people
change their buying patterns when prices
change. (79)
Elasticity of demand shows how people
change their buying patterns when prices
change. (79)
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$400
The US is a _______
economy. (79)
The US is a market economy.
(79)
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$500
A market ______ schedule is a chart
that shows how much of a good all
suppliers will offer at different prices. (103)
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A market supply schedule is a chart that shows how much of a good all suppliers will offer at different prices. (103)
$100
What does it mean when demand for a
product is inelastic? (90)
What does it mean when demand for a
product is inelastic? (90)
People will still buy just as much, no
matter what the price. Back to
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$200
Marginal is a synonym for _________.
Marginal is a synonym for additional.
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$300
What is an example of using technology to lower production
costs? (117)
What is an example of using technology to
lower production costs? (117)
Using machines to sew backpacks instead of
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$400
How many days of the year are you in
school?
How many days of the year are you in
school?
180
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$500
What was the final score of last night’s
Dodger-Phillies game?
What was the final score of last night’s Dodger-
Phillies game?
5 – 4 Back
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