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Explore the fundamental principles of economics through engaging questions and answers, focusing on key concepts such as supply and demand elasticity, monopolies, government regulations, and current market events. Discover how price changes influence consumer behavior, the role of patents in monopolies, and the impact of government regulations on market competition. This guide is designed for anyone looking to deepen their understanding of economic forces and their applications in real-world scenarios.
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Jeopardy Government Regulations Current Events Demand Supply Monopoly Q $100 Q $100 Q $100 Q $100 Q $100 Q $200 Q $200 Q $200 Q $200 Q $200 Q $300 Q $300 Q $300 Q $300 Q $300 Q $400 Q $400 Q $400 Q $400 Q $400 Q $500 Q $500 Q $500 Q $500 Q $500 Final Jeopardy
$100 Question from Supply Haircuts are this because they can react quickly to price change
$100 Answer from Supply Elastic
$200 Question from Supply Law of Supply
$200 Answer from Supply Supply increases as price increases
$300 Question from Supply Supply curve
$300 Answer from Supply Begins bottom left and rises right
$400 Question from Supply The government pays producers to produce a certain amount of a product
$400 Answer from Supply subsidy
$500 Question from Supply Margin of production decreases when another worker gets hired
$500 Answer from Supply Diminishing marginal returns
$100 Question from Demand Law of demand
$100 Answer from Demand Demand decreases when price increases
$200 Question from Demand If price is too high for a PlayStation 4, someone may buy an Xbox One instead.
$200 Answer from Demand Substitution effect
$300 Question from Demand A toothbrush and toothpaste are examples of…
$300 Answer from Demand Complementary goods
$400 Question from Demand When the price increases, demand stays the same
$400 Answer from Demand Inelastic demand
$500 Question from The Supreme Court The money a company gets from selling it’s products
$500 Answer from Demand Total Revenue
$100 Question from Monopoly The right for a person or company to produce and sell an item exclusively
$100 Answer from Monopoly Patent
$200 Question from Monopoly Southern California Edison is an example of this type of monopoly because it’s more effecient
$200 Answer from Monopoly Natural monopoly
$300 Question from Monopoly People are broken into groups based on how much they are willing to pay
$300 Answer from Monopoly Price discrimination
$400 Question from Monopoly Someone buys the right to sell another company’s products and use the company’s name
$400 Answer from Monopoly Franchise
$500 Question from Monopoly A few company’s run the market and set production levels
$500 Answer from Monopoly Oligopoly
$100 Question from Regulations The government may block two companies from becoming one if the resulting company becomes too big
$100 Answer from Regulations Merger
$200 Question from Regulations The ban of Tesla stores in NJ is this part of imperfect competition
$200 Answer from Regulations Barrier to entry
$300 Question from Regulations an agreement between formal organizations to set price and production standards
$300 Answer from Regulations Cartel
$400 Question from Regulations Standard Oil was broken up using this
$400 Answer from Regulations Antitrust laws
$500 Question from Regulations When a company can’t charge over a certain amount for a good or service
$500 Answer from Regulations Price ceiling
$100 Question from Current Events Disney keeps raising prices, even during tough economic times, trying to find this
$100 Answer from Current Events Equilibrium
$200 Question from Current Events Wal-Mart was accused of this (lowering prices to get rid of competition)
$200 Answer from Current Events Predatory pricing
$300 Question from Current Events The burst of the housing bubble and bank failures were a result of this
$300 Answer from Current Events deregulation
$400 Question from Current Events A reason why someone is more likely to open a pizzeria rather than an industrial factory
$400 Answer from Current Events Startup cost
$500 Question from Current Events Minimum wage is an example of…
