Survey
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
* Your assessment is very important for improving the workof artificial intelligence, which forms the content of this project
Jeopardy Example A merger between firms in the same industry What is a horizontal merger? Costs & Kin -- $100 A nonmonetary opportunity cost What are implicit costs? Costs & Kin -- $200 Total revenues minus explicit costs What is accounting profit? Costs & Kin -- $300 Situation in which a What are firm's long-run Diseconomies of average costs rise as Scale? firm increases output Costs & Kin -- $400 This explains why short-run marginal cost curves slope upward What is Law of Diminishing Returns? Costs & Kin -- $500 Level of output at which all economies of scale are exhausted What is the minimum efficient scale? The Price Is Right -- $100 Law of one price holds only if transaction costs are _____ What is zero? The Price Is Right -- $200 Example of this pricing strategy: $9.99 instead of $10 What is odd pricing? The Price Is Right -- $300 Ability of a firm to What is market charge a price greater power? than marginal cost The Price Is Right -- $400 Price discrimination will not work if ________ is possible What is arbitrage? The Price Is Right -- $500 Customers buying hardback version of a book have __________ What is greater? willingness to pay than those who wait for the cheaper softback Competitive Markets -- $100 In long run in competitive markets, What is zero? economic profits equal ______ Competitive Markets -- $200 Benefit of being first firm to enter a market What is first-mover advantage? Competitive Markets -- $300 Under perfect competition, number of units a firm sells What is zero? when it raises price of product Competitive Markets -- $400 Minimum point on firm's Avg Variable Cost (AVC) curve What is the shutdown point? Competitive Markets -- $500 State of economy where production What is allocative represents consumer efficiency? preferences The –opolies -- $100 Type of product produced by monopoly What is unique (aka one without close substitute)? The –opolies -- $200 One of four main reasons monopolies arise (i.e., barriers to entry) What is 1. Govt action blocks entry 2. Control of a key resource 3. Network externalities 4. Natural monopoly (extremely large economies of scale)? The –opolies -- $300 Tool used to assess sequential games What is Decision Tree? The –opolies -- $400 Game in which pursuing dominant strategies results in noncooperation that leaves everyone worse off What is Prisoner’s Dilemma? The –opolies -- $500 Apple’s dominant strategy What is charging $9.99? Which Market Model -- $100 Industry examples: growing wheat, poultry farming What is perfect competition? Which Market Model -- $200 Many firms, differentiated products What is monopolistic competition? Which Market Model -- $300 NFL or NBA are examples What is a monopoly? Which Market Model -- $400 Allocatively & What is perfect productively efficient competition? Which Market Model -- $500 Typical firm's longrun average cost curve reaches minimum at output that is large fraction of industry sales What is an oligopoly? Health Care Econ -- $100 UK's health care system What is socialized medicine? Health Care Econ -- $200 Doctors and hospitals receive a payment for What is fee-foreach service they service? provide Health Care Econ -- $300 Adverse selection and What is asymmetric moral hazard are two information? main forms of this Health Care Econ -- $400 Measure taken by the What is mandate to government to buy health insurance reduce adverse (or face a fine)? selection problems Health Care Econ -- $500 When insurers delegate decisionmaking power to What is principaldoctors who may not agent problem? have same interests as insurers FINAL JEOPARDY