Goods and Services
Substitutes
I am Marx's class that both owns and works the "means of production."
Petite-bourgeoisie
I am the market failure where a producer doesn't consider a cost they imposes on others.
Negative Externality
I am the situation where the price makes quantity demanded equal quantity supplied.
I am the market failure where a single consumer gets to set the price.
Monopsony
I am a good that if your income goes up, you buy less of me.
Inferior Good
Combine monopoly of goods, monopsony of labor, and "scrip" and you get me. What am I?
Company town
I am the correct response to a positive externality.
Pigouvian subsidy
I am a legally-mandated maximum or minimum price on a good. What am I?
Price control
- or -
Price floor or price ceiling
I am the situation where several companies collude to act LIKE a monopoly.
This "law" says that if you raise my price, you'll buy less of me.
Law of Demand
I am the type of contract where workers are banned from joining unions.
Yellow-dog contract
I am the economist who believed that people could solve externalities if they could be turned into property rights.
(I'll accept the last name, but if you can get the full name, you win.)
Ronald Coase
I am a nonexcludable, nonrivalrous good. You NEED taxes to pay for me. What am I?
Public good
I am the practice where a monopolist charges low prices, even lower than cost, to run an entrant out of business.
Predatory pricing
Raise my price and your expenditure on me goes down. What am I?
Luxury
You have me in South Carolina. Nobody can force you to join, strike with, or pay dues to the union. What am I?
Right-to-work law
I am the market failure caused by a nonexcludable rivalrous good (everybody can take, but taking leaves less for others).
Tragedy of the Commons
The more ______ a curve is, the worse any policy or market failure will be.
Elastic
Natural monopoly
A machine became more fuel-efficient but people use more fuel than before. You have been cursed with the:
Jevons paradox
Systems have internal conflicts that lead to them evolving over time into new systems. This is Marx's:
SPECIAL JEOPARDY CHALLENGE!!!!!!
Name three of six of the animals discussed (homework, PowerPoints, lecture) that suffered a tragedy of the commons.
Beavers, deer, whales, buffalo, elephants, saltwater fish
I am the "problem" that makes Communist nations (like the old Soviet Union) fail at running their economies.
Economic calculation problem
I am the situation where the people in charge of one company control their competitor, so it's like a cartel.
Interlocking directorates