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Demand and Supply
Labor Market Structures
Business Organizati
ons
Demand and Supply
Labor Market Structures
Business Organizati
ons
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Demand and Supply $600
Miss Devine likes Netflix. Netflix raises the price of their monthly subscription
to $20 per month. Miss Devine is sensitive to this price change and responds by
canceling her monthly subscription.
Demand and Supply $1000-Answer
What is a shortage?* When the actual price in a market is below the equilibrium price. Low price encourages buyers and discourages sellers.
Labor $400
If a strike continues for a long time, the 2 sides sometimes call in a third party to help settle the dispute.
(need two answers to win wager amount)
Labor $800
Started the United States Labor Movement.
Focused on higher wages, shorter hours
and safer work environments.
Labor $1000
Wages vary according to worker’s skill levels and education. Jobs are often categorized into four skill levels?
Labor $1000-Answer
What is unskilled labor, semi-skilled labor,
semi-skilled labor, and professional labor
Market Structures $400
Market structure in which a large number of firms all produce the same
product (identical) and no single seller controls supply or
prices.
Market Structures $800
The division of consumers into groups based on how much they will pay for a good.
Business Organizations $400
A business organization owned by two or more persons who agree on a specific division of responsibilities and
profits.
Business Organizations $600
The share of earnings given by a franchise as
a payment to the franchiser.
Business Organizations $1000
1. Voluntary and open membership
2. Control of the organization by its
members.3. Sharing of contributions
and benefits by members.
Final Jeopardy
You have 1 minute to consult…
Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?
Final Jeopardy
You have 30 seconds to consult…
Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?
Final Jeopardy
You have 15 seconds to consult…
Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?
Final Jeopardy
Time Is Up
Suppose that you mow lawns for six customers a week a charge $10.00 a lawn. What is your total revenue? The next year you raised your price to $15.00 per lawn and lost two customers. What will happen to your total revenue? Is the demand for your lawn-mowing service at this price elastic or inelastic?
Final Jeopardy - Answer
Elasticity of Demand: % change in Q demanded/% change in price
Less than 1…INELASTIC
10-1510
x 100 6-46
x 100