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Supply and Demand Review P.1

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Hubert's Economics Class 2020

AugustHubert
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Created Date 10.06.20
Last Updated 10.07.20
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Topics of this game:
  • What is the definition for microeconomics
  • What is the law of supply?
  • What concept have you learned that relates to wants?
  • Which concept have you learned that relates to people buying less of an item they need that has increased in cost WITHOUT increasing purchases of other items?
  • Mr. Carrington buys his favorite chocolate chip cookie at the store. His first two or three cookies are very satisfying but the last 2 are not. What concept have you learned that relates to him getting less satisfaction out of eating more than 2 or 3 cookies?
  • Which of the following equations relates to the Law of Demand?
  • Which equation relates to the Law of Supply?
  • Which concept relates to factors other than price that determine a demand curves shift?
  • The ________ _________ schedule, lets business owners know how customers may react to price changes
  • Does "ceteris paribus" relate to all possibilities that can cause a shift on a demand/supply curve?
  • What does a shift to the left on a supply curve demonstrate?
  • What does a shift to the right on a demand curve mean?
  • What represents a demand schedule on a graph?
  • Is this statement true or false, "A change in the price of a product DOES cause a demand curve to move, or 'shift'"
  • If your demand for an item decreases as your income increases, what type of good is this?