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.
Oops!
Check
Okay!
Check
eraser
Reset score!
Oops!
rocket
Go to first place!
Okay!
fairy
Take points!
5
10
15
20
25
baam
Lose 20 points!
Oops!
15
Oops!
Check
Okay!
Check
10
The main economic problem is called……. Which means…………..
Scarcity. A situation in which wants and needs are in excess of the resources available.
Oops!
Check
Okay!
Check
5
Which factor of production is defined by this definition? ¨Any natural resources available for productions. e.g: eggs.¨
Land
Oops!
Check
Okay!
Check
15
Complete the following: If PED is = -∞ it is.. It is perfectly inelastic whe….. If it is = -1 it is ……...
Perfectly elastic. it is = 0 Unitary elastic.
Oops!
Check
Okay!
Check
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.
Oops!
Check
Okay!
Check
15
Mark it, it's true or false, it's false, correct it. If the price of wood for pianos increases, the line will shift to the right and there is an increase in the supply.
F If the price of wood for pianos increases, the line will shift to the left and there is a decrease in the supply.
Oops!
Check
Okay!
Check
5
Quantity demanded and price are inversely related. True or false?
True
Oops!
Check
Okay!
Check
banana
Go to last place!
Oops!
star
Double points!
Okay!
fairy
Take points!
5
10
15
20
25
lifesaver
Give 25 points!
Oops!
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.
Oops!
Check
Okay!
Check
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.
Oops!
Check
Okay!
Check
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
Oops!
Check
Okay!
Check
eraser
Reset score!
Oops!
shark
Other team loses 25 points!
Okay!
shark
Other team loses 20 points!
Okay!
thief
Give points!
5
10
15
20
25
10
What does price elasticity of demand measure?
It measures the change in the quantity demanded of one good in response to the change in the price of the same good.
