It is summer, what do you think will happen to the demand for sunscreen and why?
As in summer people are more exposed to the sun and they want to be protected from it, the demand for sunscreen will rise.
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20
The demand for comfy clothes has increased, the factor affecting this is quarantine. It has increased because people are locked in their house so they want to be comfortable. Explain what happens with the equilibrium price and quantity
This causes the equilibrium price to rise, so the equilibrium quantity will be higher.
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thief
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25
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Take 15 points!
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fairy
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baam
Lose 25 points!
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15
The following factors can affect the supply curve, give an example for it: Weather condition. subsides.
Extreme stormy days or something like that where workers cant go to work, so they cant produce. The government gives the guitar company a subsidy.
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5
In the diagram, where can the equilibrium point can be found?
In the diagram the equilibrium point is the point where the demand curve and the supply curve cross each other.
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15
How much is the opportunity cost moving from point A to B?
The opportunity cost is 250 moving from point A to point B.
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10
Name one advantage and one disadvantage of market economy
Advantage: Lack of bureaucracy. Disadvantage: Abuse of market power
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15
Which of the following diagrams represent a unitary elastic demand?
C.
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15
Explain why the curve of inelastic demand is vertical
The curve is vertical because if the producers increase or decrease their prices, people would not react at all to price changes.
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10
The demand curve is a graphical representation of the relationship between ….. and the…… for a given period of time. Higher prices lead to a …...of quantity demanded and lower prices lead to an…… of quantity demanded.
The price of a good. Quantity demanded. Contraction. Expansion.
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heart
Other team wins 25 points!
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star
Double points!
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Go to first place!
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banana
Go to last place!
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boom
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fairy
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baam
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10
Which is the price elasticity of demand´s formula?
% change in demand / % change in price
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5
Quantity demanded and price are inversely related. True or false?
True
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15
Is a point inside the curve efficient or inefficient? Explain why.
Any point inside the curve is inefficient because more of the good could be produced.
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15
When does market equilibrium occur? Explain.
Market equilibrium occurs when the willingness to buy the product matches the willingness to sell the product. The market will be stable and there will not be
