Click to begin. Click here for Final Jeopardy Basic Economic Concepts Supply and Demand Imperfect Competition Resource Market Failures 10 Point 20 Points.

Click to begin.

Click here for Final Jeopardy

Basic Economic Concepts

Supply and

Demand

Imperfect Competition

Resource Market

Market Failures

10 Point

20 Points

30 Points

40 Points

50 Points

10 Point 10 Point 10 Point 10 Point 10 Point

20 Points 20 Points 20 Points 20 Points 20 Points

30 Points

40 Points

50 Points

30 Points 30 Points 30 Points 30 Points

40 Points 40 Points 40 Points 40 Points

50 Points 50 Points 50 Points 50 Points

Cost of Production

and PC

Which of the following is true according to the circular flow model?

A.Firms are suppliers in both the product and factor markets.

B. Firms and demanders in the product markets and suppliers in the factor markets

C. Households are demanders in both the product and factor markets

D. Households are demanders in both the product and factor markets

E. The government is a demander in the product market only

Identify Freddy’s three trade-offs for working for his mom

What is the per unit opportunity cost for moving

from point d to e?

Team TaskTeam Task(All teams get points for correct answer)

A.What are three shifters of the Production Possibilities Frontier?

B. Give one example that shifts the curve outward?

Timed TaskTimed Task

Who should specialize in what? Why?

Mil

k (t

on

s)

Mil

k (t

on

s)

45

40

35

30

25

20

15

30

25

20

15 10

5 10 15 20 25 30 5 10 15 20Corn (tons) Corn (tons)

United States Brazil

25M = 25C1M = 1C

20M = 15C 1M = 3/4C

1C = 4/3M

Which of the following shifts in the supply and demand curves will definitely cause both price and quantity to decrease? Supply Curve Demand CurveA.      Shifts to the left Shifts to the leftB.       Shifts to the left No shiftC.       Shifts to the right Shifts to the rightD.      No shifts Shifts to the rightE. No shift Shifts to the left

Team TaskTeam Task(All teams get points for correct answer)

Timed TaskTimed Task

Draw a price floor below equilibrium and identify if there is a shortage or surplus.

A. Identify the relationship between price and demand for both substitutes and compliments

B.Identify the relationship between income and demand for both the inferior and normal goods

Silent TaskSilent Task

A. Draw and label a perfectly competitive firm and industry making a profit.

B. Show what will then happen in the long run.

If you were going to purchase different quantities of good A

and good B, you would maximize your utility by

using what equation?

Draw and label the relationship between Total Output and

Marginal Output and identify the three stages of returns.

Team TaskTeam Task(All teams get points for correct answer)

Team TaskTeam Task(All teams get points for correct answer)

1. Demand 2. Marginal Revenue3. Marginal Cost4. Normal Profit5. Barriers to Entry

PasswordPasswordChoose two players and one referee.

A. Identify the difference between the short run and long run in terms of production.

B. Draw the Long-Run Average Total Cost Curve and label three stages.

Silent TaskSilent Task

If this represents a perfectly competitive firm and the price is $9 how many beanbags should be produced?

A. Identify and name the two types of efficiency (P=?)

B. Identify which market structures are efficient in the long-run.

Team TaskTeam Task(All teams get points for correct answer)

1.Draw and label an elastic and an inelastic demand curve.

2.Use the total revenue test to explain the relationship between TR and Price for both curves

Silent TaskSilent Task

Draw and label a monopolistic competitive firm in long-run

equilibrium.

Label Excess Capacity

Timed TaskTimed Task

Draw the following:1. Monopoly making a profit2. Cartel making a profit3. Monopolistic competitive

firm in the short run making a profit.

Timed TaskTimed Task

Draw graphs representing a “good” and an “evil” oligopoly.

Team TaskTeam Task(All teams get points for correct answer)

A. Define MRP

B. Identify the two ways to calculate MRP

C.Identify the profit maximizing rule for hiring workers

A.Draw and label a perfectly competitive labor market and firm with wage $50

Team TaskTeam Task(All teams get points for correct answer)

Draw the effects on wage and quantity if a minimum wage

is placed in a perfectly competitive MARKET.

Label Unemployment

Timed TaskTimed Task

Identify the two ways this video shows derived demand

Daily DoubleIf you get it correct, you can

take and additional 20 points from another team

A. Define Public Goods

B. List 3 Examples

C. Identify why private firms don’t provide them

A.Draw and label a positive externality

B.Identify the government action that will remedy unerallocation of resources

Draw a excise tax on producers.

Label the tax revenue, price consumers pay, price producers receive, and dead weight loss.

Timed TaskTimed Task

Draw a monopoly making a profit.

Label unregulated price, profit, consumer surplus, producers surplus, dead weight loss, socially optimal price, and fair return price

Daily DoubleIf you get it correct, you can

take and additional 20 points from another team

Identify the SPECIFIC economic concept

depicted by this cartoon.

Make your wager