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Basic Economic Concepts Supply and Demand Imperfect Competition Resource Market Failures 10 Point 20 Points 30 Points 40 Points 50 Points 10 Point 20 Points 30 Points 40 Points 50 Points 30 Points 40 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 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 Task

Who should specialize in what? Why? Milk (tons) Corn (tons) United States Brazil 25M = 25C 1M = 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 Curve A. Shifts to the left Shifts to the left B. Shifts to the left No shift C. Shifts to the right Shifts to the right D. No shifts Shifts to the right E. No shift Shifts to the left Team Task (All teams get points for correct answer)

Timed 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 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 Task (All teams get points for correct answer)

Team Task (All teams get points for correct answer)

1. Demand 2. Marginal Revenue 3. Marginal Cost 4. Normal Profit 5. Barriers to Entry Password Choose 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 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 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 Task

Draw and label a monopolistic competitive firm in long-run equilibrium. Label Excess Capacity Timed Task

Draw the following: 1. Monopoly making a profit 2. Cartel making a profit 3. Monopolistic competitive firm in the short run making a profit. Timed Task

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

Team 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 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 Task

Identify the two ways this video shows derived demand Daily Double If 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 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 Double If you get it correct, you can take and additional 20 points from another team

Identify the SPECIFIC economic concept depicted by this cartoon.

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