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Team 2
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Teams
Name
Score
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15
×
if someone believes that a good will be more expensive later, then
current demand will probably increase
Oops!
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×
monster
Reset all scores!
Oops!
×
star
Double points!
Okay!
×
shark
Other team loses 5 points!
Okay!
×
lifesaver
Give 25 points!
Oops!
15
×
product that is the same regardless of who makes or sells it
commodity
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15
×
Large number of firms that produce the same product
pure/perfect competition
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15
×
Willingness and ability to produce and sell a product at a certain price point
Supply
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15
×
when income increases, demand for _________________ decreases
inferior products
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15
×
If something is believed to be going on sale at a later date, then _________________
current demand will decrease.
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15
×
when income increases, demand for _________________ increases
normal goods
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15
×
a legal entity that is owned by stockholders
corporation
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15
×
If a supplier leaves a product market, the supply curve will shift to the _________
left
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15
×
The Law of Demand states that as prices increase, quantity demanded _______
decreases
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15
×
shows the quantities demanded at each price by all consumers in the market
Market demand schedule
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15
×
The quantity (or number) of a product that consumers are willing to buy at a particular price
quantity demanded
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15
×
a market dominated by 3-5 large, profitable firms
oligopoly
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trap
No points!
Oops!
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star
Double points!
Okay!
×
shark
Other team loses 25 points!
Okay!
×
thief
Give points!
5
10
15
20
25
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thief
Give points!
5
10
15
20
25
×
gold
Win 50 points!
Okay!
×
shark
Other team loses 25 points!
Okay!
×
thief
Give points!
5
10
15
20
25
×
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