if prices were at equilibrium on the graph and the price and quantity supplied is proportional and efficient in yielding revenue
14. Open Ended
30 seconds
1 pt
the 6 factors that can change supply are input costs, labor productivity, technology, government action, producer expectations, and number of producers.
15. Open Ended
30 seconds
1 pt
a. one of the 6 factors that change supply
16. Open Ended
30 seconds
1 pt
b. one of the 6 factors that change supply
17. Open Ended
30 seconds
1 pt
c. one of the 6 factors that change supply
18. Open Ended
30 seconds
1 pt
d. one of the 6 factors that change supply
19. Open Ended
30 seconds
1 pt
e. one of the 6 factors that change supply
20. Open Ended
30 seconds
1 pt
f. one of the 6 factors that change supply
21. Open Ended
30 seconds
1 pt
income, market size, consumer tastes, consumer expectations, substitutes, and complements
22. Open Ended
30 seconds
1 pt
a. one of the 6 factors that change demand
23. Open Ended
30 seconds
1 pt
b. one of the 6 factors that change demand
24. Open Ended
30 seconds
1 pt
c. one of the 6 factors that change demand
25. Open Ended
30 seconds
1 pt
d. one of the 6 factors that change demand
26. Open Ended
30 seconds
1 pt
e. one of the 6 factors that change demand
27. Open Ended
30 seconds
1 pt
f. one of the 6 factors that change demand
28. Open Ended
30 seconds
1 pt
it will help you figure out how to get to your equilibrium price through records
29. Open Ended
30 seconds
1 pt
WW2
30. Open Ended
30 seconds
1 pt
a price ceiling helps the students when there are student discounted tickets. it hurts the seller or producers because they're loosing money but gaining loyal customers
31. Open Ended
30 seconds
1 pt
price gouging is charging outrageously high prices for limited goods or services simply because they are able to and can lead to a black market
32. Open Ended
30 seconds
1 pt
they have reached market equilibrium
33. Open Ended
30 seconds
1 pt
the price when this is reaches as equilibrium priced (perfect)
34. Open Ended
30 seconds
1 pt
surplus
35. Open Ended
30 seconds
1 pt
shortage
36. Open Ended
30 seconds
1 pt
consumer taste
37. Open Ended
30 seconds
1 pt
it causes a decrease in demand
38. Open Ended
30 seconds
1 pt
shift to the left
39. Open Ended
30 seconds
1 pt
equilibrium price goes up
40. Open Ended
30 seconds
1 pt
shift to the right
41. Open Ended
30 seconds
1 pt
supply will decrease
42. Open Ended
30 seconds
1 pt
shift to the left
43. Open Ended
30 seconds
1 pt
equilibrium price goes up
44. Open Ended
30 seconds
1 pt
supply will increase
45. Open Ended
30 seconds
1 pt
equilibrium price decreases
46. Open Ended
30 seconds
1 pt
equilibrium price decreases
47. Open Ended
30 seconds
1 pt
equilibrium price decreases
48. Open Ended
30 seconds
1 pt
equilibrium price increases
49. Open Ended
30 seconds
1 pt
equilibrium price increases
50. Open Ended
30 seconds
1 pt
surplus is above eq. price and shortage is below eq. price
51. Open Ended
30 seconds
1 pt
B/C of the intersection of the supply and demand represent market eq.
52. Open Ended
30 seconds
1 pt
changes in supply or demand causes changes in the quantities supplied or demanded @ every price. Therefore, the quantities will no longer by equal @ the original equilibrium price.
53. Open Ended
30 seconds
1 pt
B/C producers are always searching for market equilibrium and consumers is always trying to find the best deal
54. Open Ended
30 seconds
1 pt
surplus and shortage motivates producers to adjust prices until quantity supplied and quantity demanded are the same
55. Open Ended
30 seconds
1 pt
competitive pricing in the market exists when producers will lower prices to get more customers while still making a profit
56. Open Ended
30 seconds
1 pt
tennis store VS. sports authority opening up a tennis section
57. Open Ended
30 seconds
1 pt
when theres a shortage, this is a signal for the producer to raise prices so they can supply more
58. Open Ended
30 seconds
1 pt
surplus costs suppliers to leave the market
59. Open Ended
30 seconds
1 pt
suppliers will have to lower their prices with a surplus
60. Open Ended
30 seconds
1 pt
consumers tend to buy more when price is low
61. Open Ended
30 seconds
1 pt
suppliers use advertising to convince consumers that prices are low and the "deal" is usually for a certain amount of time to get consumers in the market
62. Open Ended
30 seconds
1 pt
it favors producers and consumers equally; it runs itself; it is flexible in responding to changes in the market; it allocates resources efficiently
63. Open Ended
30 seconds
1 pt
a. 1 of the 4 characteristics of the price system
64. Open Ended
30 seconds
1 pt
b. 1 of the 4 characteristics of the price system
65. Open Ended
30 seconds
1 pt
c. 1 of the 4 characteristics of the price system
66. Open Ended
30 seconds
1 pt
d. 1 of the 4 characteristics of the price system
67. Open Ended
30 seconds
1 pt
Decisions about what and how much to produce are based on what consumers have demanded for and the prices at which producers can make money
68. Open Ended
30 seconds
1 pt
Rising prices provide the incentive to enter a market by signaling the possibility of increasing revenue, and therefore, profits.
69. Open Ended
30 seconds
1 pt
Falling prices provide the incentive to leave a market, as they signal the possibility of decreasing revenue, and therefore, profits
70. Open Ended
30 seconds
1 pt
it showed that when a strong competitor offers similar products for lower prices other producers must also lower their prices. Less efficient companies were driven from the market.
71. Open Ended
30 seconds
1 pt
when a price limit is set @ the highest value you can change
72. Open Ended
30 seconds
1 pt
usually the government will set the price ceiling to help the consumer pay a cheaper price
73. Open Ended
30 seconds
1 pt
help: consumer
hurt: producer
74. Open Ended
30 seconds
1 pt
est. lowest possible price for someone to pay for good or service
75. Open Ended
30 seconds
1 pt
the government sets price floors
76. Open Ended
30 seconds
1 pt
farmers- gov't wants to make sure farmers produce an abundance of food ->set price floors->so farmer will keep producing a large supply while still making a profit
77. Open Ended
30 seconds
1 pt
# @ which minimum is set can create problems and tied into market value (eq. price), it can create more unemployment
78. Open Ended
30 seconds
1 pt
a price floor is the minimum price that buyers may pat for a product; a price ceiling is a maximum price that may be charged for a product
79. Open Ended
30 seconds
1 pt
there might be more workers willing to work for the minimum wage than there are jobs that employees are wiling to offer the wage @ above equilibrium
80. Open Ended
30 seconds
1 pt
rationing attempts to allocate scarce resources fairly to everyone regardless of their ability to pay. the black market undermines this by permitting those who can pay higher prices to get more of the rationed goods.
81. Open Ended
30 seconds
1 pt
they search for substitutes for the rationed goods
82. Open Ended
30 seconds
1 pt
they both show the quantities of products supplied and demanded @ various prices
83. Open Ended
30 seconds
1 pt
its purpose is supposed to help visualize the correlation price and quantity to reach eq. price
84. Open Ended
30 seconds
1 pt
the interaction is eq. price, there is neither a surplus nor a shortage. Above is that quantity supplied exceeds quantity demanded and there's a surplus. Below is that quantity demanded exceeds quantity supplied and there is a shortage?
85. Open Ended
30 seconds
1 pt
law of supply- producers are willing to sell more of a good or service at a higher price than they are at a lower price.
law of demand- when price goes down, quantity demanded increases, and when the price goes up, quantity demanded falls
86. Open Ended
30 seconds
1 pt
they can both b/c holiday toys are fads and with expected popularity, the stores could be left with a shortage in that the demand exceeds supply and a surplus in that supply exceeds demand
87. Open Ended
30 seconds
1 pt
when there is an imbalance between quantity demanded and quantity supplied
88. Open Ended
30 seconds
1 pt
*when demand decreases, the eq. price falls
*when demand increases, the eq. price rises
*when supply decreases, the eq. price rises
*when supply increases, the eq. price falls
89. Open Ended
30 seconds
1 pt
by entering a market @ a lower price, a new producer can add to its customer base while it mains overall profits by selling more units
90. Open Ended
30 seconds
1 pt
neutral, market driven, flexible, efficient
91. Open Ended
30 seconds
1 pt
neutral
92. Open Ended
30 seconds
1 pt
market driven
93. Open Ended
30 seconds
1 pt
flexible
94. Open Ended
30 seconds
1 pt
efficient
95. Open Ended
30 seconds
1 pt
for rising prices, on incentive to enter a market; for falling prices, an incentive to leave a market. for low price, incentive to buy; for high prices, incentive to find substitutes
96. Open Ended
30 seconds
1 pt
higher prices act as an incentive for producers to enter a market
97. Open Ended
30 seconds
1 pt
price is a powerful incentive to consumers
98. Open Ended
30 seconds
1 pt
His incentive was to gain access to computer industry and make more revenue than his competitors, thus making more of a profit
99. Open Ended
30 seconds
1 pt
consumers
100. Open Ended
30 seconds
1 pt
can't set your own price, supply of resources will decline, reduces availability to market, reduce the quality of products
101. Open Ended
30 seconds
1 pt
student discounted tickets
102. Open Ended
30 seconds
1 pt
producers
103. Open Ended
30 seconds
1 pt
increasing consumer prices, costs of imports increase due to increase in import tariffs, encourage inefficiency and oversupply in production
104. Open Ended
30 seconds
1 pt
minimum wage
105. Open Ended
30 seconds
1 pt
occurs when the gov't allocates goods and services using factors other than price
106. Open Ended
30 seconds
1 pt
emerges when goods and services are illegally bought and sold in violation of price controls or rationing.
107. Open Ended
30 seconds
1 pt
give up daily goods and turn them into rarities
108. Open Ended
30 seconds
1 pt
takes business away from legitimate businesses. taxes aren't collected.