Exploring Demand and Supply through Indiana Jones

What profession does Indiana Jones have?

• Economist

• Geologist

• Archaeologist

• Historian

What are the two main concepts discussed using Indiana Jones?

• Demand and Supply

• Inflation and Deflation

• Interest Rates and Investments

• Goods and Services

What animal was used to explain the concept of demand and supply?

• Monkeys

• Snakes

• Rats

• Dogs

What is the term used when demand equals supply?

• Shortage

• Equilibrium

• Surplus

• Disparity

What is the outcome when there is a shortage in the market?

• Demand decreases

• Prices increase

• Supply increases

• Prices decrease

What happens to the quantity of pet snakes bought when their price decreases?

• Remains the same

• Decreases

• Increases

• Becomes zero

What happens to the demand curve when the price of a substitute good decreases?

• Remains unchanged

• Becomes vertical

• Shifts to the left

• Shifts to the right

What is the effect of a decrease in the price of pet monkeys on the demand for pet snakes?

• Increases supply instead

• No effect

• Decreases it

• Increases it

Why would sellers lower their prices in the event of a surplus?

• To increase demand

• To reduce competition

• To clear excess stock

• To increase supply

What effect does a pest control problem have on the demand for pet snakes?

• Decreases supply

• Increases demand

• No effect on demand

• Decreases demand