the actual amount of a good or service people are willing to sell at some specific price.
What is quantity supplied
100
first became an issue during the second half of the nineteenth century, when the growth of railroads created a national market for many goods.
What is Oligolpoly
100
Market with many sellers and identical products with low barriers to entry
What is Perfect Competiton
100
Land, Labor, Capital, Entrepreneurship
What are the four principle classes
100
My pig farm causes property value to drop
What is an example of a Negative externality
200
a change in the price of a good is the change in the quantity of that good demanded as the consumer substitutes the good that has become relatively cheaper for the good that has become relatively more expensive.
What is Substitution effect
200
The reward received by a player in a game, such as the profit earned by an oligopolist
What is Payoff
200
We may not make economic profit, but our accounting profit is always positive ;)
What are Perfect competition and Monopalistically Competitive markets
200
both man and machine
What is Capital
200
The study of scarcity and choice
What is Economics
300
the ratio of the percent change in the quantity demanded to the percent change in the price as we move along the demand curve.
What is price elasticity of demand
300
As a theater owner, with a competitor two blocks away, i've concluded that im better off charging 3.50 per ounce of popcorn no matter what my competition does
What is an example of a dominant strategy
300
Our walls tower over that of Trump and China
What Oligopolies and Monopolies
300
I don't want a PB&J, i just want the peanuts and grapes.
Give an example of derived demand
300
I binged a Netflix series but couldn't finish my homework
What is Opportunity Cost
400
The study of behavior in situations of interdependence
What is Game Theory
400
the result when each player in a game chooses the action that maximizes his or her payoff, given the actions of other players.
What is Nash Equilibrium
400
MC=ATC
Where does a firm break even?
400
the division of total income among land, labor, capital, and entrepreneurship.
What is Factor distribution of income
400
It means im officially poor
What is the poverty threshold
500
a tax levied on any market activity that generates negative externalities
What is pigouvian tax
500
Me and a few business owners decide to charge at a certain price as to better or profit.
What is an example of collusion
500
Government is producing my product
What is Public Ownership
500
Im getting paid more because Homer Simpson is my co-worker