Usage Guidelines for Jeopardy PowerPoint Game Game Setup Right now, Click File > Save As, and save this template with a different file name. This will keep the template untouched, so you can use it next time! Scroll through the presentation and enter the answers (which are really the questions) and the questions (which are really the answers). Enter in the five category names on the main game board (Slide 4). Game Play Open 2nd Slide, let the sound play. Click to 3rd Slide, let the sound play. Click to 4th Slide and show students the Game Board As you play the game, click on the YELLOW DOLLAR AMOUNT that the contestant calls, not the surrounding box. When the student answers, click anywhere on the screen to see the correct answer. Keep track of which questions have already been picked by printing out the game board screen (Slide 4) and checking off as you go. Click on the “House / Home Icon” box to return to the main scoreboard. Final Jeopardy – Go to Slide 3 and click “Final Jeopardy” button in the bottom right corner, click again for the Question, click again for final jeopardy sound, When that is finished playing click again for the answer slide.

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Perfect Competiion Pure Monopoly Monopolistic Competition Oligopoly Misc. 100 100 100 100 100 200 200 200 200 200 300 300 300 300 300 400 400 400 400 400 500 500 500 500 500

Name four characteristics of Perfect Competition

Many small firms. Identical Products * Many small firms * Identical Products * Low Barriers to entry- easy to enter and leave * Price Takers

The demand curve in a purely competitive industry is ________, while the demand curve to a single firm in that industry is ___________.

a. Perfectly inelastic, perfectly elastic b a. Perfectly inelastic, perfectly elastic b. downsloping, perfectly elastic c. downsloping, perfectly inelastic d. perfectly elastic, downsloping e. relatively inelastic, relatively inelastic

The vertical distance between ATC and AVC is:

A. the law of diminishing returns B. total fixed costs C A. the law of diminishing returns B. total fixed costs C. the average fixed cost at each level of output D. marginal cost at each level of output E. the presence of specialization

If one firm in a perfectly competitive industry experiences a technological breakthrough that lowers only that firm’s cost of production, what happens to Price, Quantity, Profit?

Price – No Change Quantity – increase Profit - increase

If the monopolist is unregulated, it will maximize profits by charging:

$24

If a governmental agency forced the monopoly to produce at the allocatively efficient level of production:

$20

A patent gives inventors the exclusive right to produce and market a product for a period of time. It has a patent for a unique antispyware program called Aspy. The companies patent on Aspy has expired. What will happen to the companies profits in the long run? Explain DAILY DOUBLE

The firms profits will fall in the long run do to new firms entering the market.

Question 2-3

The monopolist below is practicing price discrimination The monopolist below is practicing price discrimination. What is the area of consumer surplus.

There is no consumer surplus

Give at least three different examples of non price competition.

1. Brand Names and Packaging 2. Product Attributes 3. Service 4 1. Brand Names and Packaging 2. Product Attributes 3. Service 4. Location 5. Advertising

Is this firm in the long run or short run? Explain.

This firm is in long run equilibrium because they are earning a normal profit. Price = ATC

The amount by which actual production falls short of the minimum ATC output is called?

Excess Capacity

When short-run profits are made… New firms _______. New firms mean more close ________ and less market ______ for each existing firm. Demand for each firm ______. When short-run losses are made… Firms _______. Result is _____ substitutes and ____ market shares for remaining firms. Demand for each firm ______.

Enter Substitutes Share Falls or decreases Leave Less More Rises or increases

C

List at least three characteristics of oligopolies.

1. A Few Large Producers (Less than 10) 2 1. A Few Large Producers (Less than 10) 2. Identical or Differentiated Products 3. High Barriers to Entry 4. Control Over Price (Price Maker) 5. Mutual Interdependence 6. Firms use Strategic Pricing

If all of the firms in an oligopoly form a cartel to jointly maximize profits, how would the firms demand curve and industry demand curve differ?

They would be the same demand curve.

If Bmine decides to cheat how much would Gmine make?

$20

The kinked demand curve model shows how noncollusive firms are interdependent If one firm cuts it’s prices, then the other firms ______ causing ______ demand If one firm raises prices, others ______ price causing _______ demand

1. Cut prices, inelastic 2. maintain, elastic

What law is this an example of? Learning curve when studying for an exam 1st hour-large returns 2nd hour-less returns 3rd hour-small returns 4th hour- negative returns (tired and confused)

The law of diminishing marginal return.

The Shutdown Rule states that:

When the price falls below AVC then the firm should minimize its losses by shutting down

What is true in the elastic range of a firm’s demand curve?

A decrease in price will likely lead to an increase in total revenue.

What market structure is productively efficient and has zero economic profit in the long run?

Perfect Competition

Label each point on the graph.

A. Unregulated Price B. Fair Return Price C. Socially Optimal Price