Economic Issues
Demand, Supply and Price
Price Supports
Firms: Production and Costs
Monopolies
100
These are resources used to produce goods and services; frequently divided into land, labour and capital
What are the factors of production?
100
These include income, the price of other goods, tastes, population, and changes in weather
What are the determinants of demand?
100
This is a binding price support set below the equilibrium
What is a price ceiling?
100
This represents all revenues to the firm minus both explicit and implicit costs
What is the economic profit?
100
This is the condition firms use to choose the output quantity that maximizes profit
What is MR=MC?
200
This is the value of the next best alternative that is forgone when one alternative is chosen
What is opportunity cost?
200
Ceteris paribus
, an increase in the price of the good will cause consumers to . . .
What is a decrease the quantity of goods demanded?
200
A binding price floor will cause an excess in this
What is supply?
200
This is the time period where all factors of production are variable, but where technology is fixed
What is the long run?
200
Single-price monopolists who profit maximize have this effect on market efficiency
What is decrease it?
300
This curve shows which alternative combinations of output can be attained if all available resources are used efficiently
What is the production possibilities boundary?
300
These include the price of inputs, state of technology, number of firms, and government taxes
What are the determinants of supply?
300
This happens to economic surplus when the government institutes a non-binding price ceiling
What is there is no change?
300
This is the sum of average fixed costs and average variable costs
What is average total cost?
300
These are one of the main reasons that monopolists can sustain industry profits in the long run
What are barriers to entry?
400
This model describes the interaction of households and firms through the factors and goods markets
What is the circular flow of income and expenditure?
400
If the price is set above the equilibrium price, this occurs
What is a surplus of goods?
400
Minimum wage is an example of this type of price support
What is a price floor?
400
When the marginal product has reached its maximum, it is necessarily true that this has happened to the marginal cost.
What is reached its minimum?
400
This monopolist pricing strategy extracts all the consumer surplus, and maximizes market efficiency
What is perfect price discrimination?
500
In this type of economy, decisions are made by a central planning authority
What is a command economy?
500
If demand is given by P = 10 - Q, and supply is given by P = Q, this is the equilibrium price.
What is $5?
500
A binding price support will have this effect on market efficiency
What is decrease it?
500
In this portion of the LRAC, per-unit costs decrease with increases in output?
What is IRTS or economies of scale? (The left portion)
500
This is the equation of the marginal revenue function for a market with demand equal to P = 10 - 2Q
What is MR = 10 - 4Q (twice as steep)?
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MicroEconomics Jeopardy (Round 1)
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