Transcript Jeopardy Review

Vocabulary
Perfect
Competitio
n
Monopoly
$100
$100
$200
Oligopoly
Monopolistic
Competiton
Everything
Else
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Vocabulary
Perfect
Competition
Monopoly
Oligopoly
Monopolistic
Competition
Everything
$100
$100
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Else
Vocabulary $100
What gives a company the exclusive right to sell and
produce a good or service for a limited time?
A License
B. patent
C. franchise
D. Nonprice competition
b
Back to Board
Vocabulary- $200
When the government no longer decides how
much a company can charge or make in
profits is called?
A. franchise
B. Economies of scale
C. deregulation
D. regulation
c
Back to Board
Vocabulary- $300
The ability of a company to make its product very
different from other competitors
A. Price fixing
B. Collusion
C. Differentiation
D. Oligopoly
c.
Back to Board
Vocabulary - $400
Term used when a company can successfully
lower its total costs as it produces more
products
A. Monopolies
B. Price Fixing
C. Cartels
D. Economies of Scale
d
Back to Board
Vocabulary - $500
Which of the following companies was regulated
by the government through the passage of
the Sherman Anti-trust law?
A. Standard Oil Company
B. Holister
C. Microsoft
D. Starbucks
a
Back to Board
Perfect Competition- $100
Why is the market for tomatoes an example
of perfect competition?
Many companies selling an
identical product
Back to Board
Perfect Competition- $200
What are sellers able to do under the
conditions of perfect competition?
Enter and Exit Freely
Back to Board
Perfect Competition - $300
Why does Consumer Reports Magazine
relate to 1 of the 4 characteristics of
Perfect Competition?
Buyers an sellers are well informed
Back to Board
Perfect Competition- $400
What word is best used to talk about businesses
that compete under the conditions of perfect
competition?
A. Inefficient
B. Diseconomies of scale
C. Efficient
D. Price Fixing
c
Back to Board
Perfect Competition - $500
What business in Strongsville is an example
of perfect competition?
A.Best Buy
B. Starbucks
C. Robecks
D. Pat Catans
b
Back to Board
Monopoly- $100
What type of barriers exist in order to enter
the market where a monopoly exists?
Complete
Back to Board
Monopoly - $200
At what cost will the monopolist charge?
A. The highest
B. Where MR = MC
C. At the point where demand exceeds supply
D. At the point in which marginal revenue
exceeds marginal cost
b
Back to Board
Monopoly - $300
Which of these will NOT lead to a monopoly
A. patent
B. A franchise
C. Antitrust laws
D. A license
c
Back to Board
Monopoly - $400
Price discrimination is when a monopolist divides
consumers into 2 groups and charges a different
price to each group. Which of the following is
NOT an example of price discrimination?
A. Advertising
B. Rebate Offers
C. Senior citizens or student discounts
D. Children stay free promotions
a
Back to Board
Monopoly - $500
What are the 4 characteristics of a
monopoly?
1 firm, no variety of goods, barriers to entry
are to
Back
complete and complete control over prices
Board
Oligopoly - $100
Which of the following is an example of an
oligopoly?
A. Restaurants
B. Cereal Manufacturers
C. Books
D. Candy
b
Back to Board
Oligopoly- $200
What international organization that exports oil
is an example of a cartel?
OPEC
Back to Board
Oligopoly - $300
What do we call an agreement among firms to
charge one price for the same good?
A. collusion
B. cartel
C. franchise
D. Price fixing
d
Back to Board
Oligopoly - $400
A. Coordinating and integrating systems
B. Autonomic mechanisms
C. Reflex controls
D. Limbic systems
A
Back to Board
Oligopoly - $500
What are the 4 characteristics of
oligopolies?
A few firms, variety of goods – some,
barriers to entry are high and some control
over prices
Back to Board
MC- $100
In monopolistic competition,many
companies compete in an open market
to sell ______ but not identical
products
A.Similar
B.Different
C.Many
D.Few
a
Back to Board
MC- $200
Which of the following is NOT an
example of nonprice competition?
A. Location
B. Physical characteristics
C. Discounts
D. Advertising
c
Back to Board
MC - $300
How many children were on the TV
show The Brady Bunch?
6
Back to Board
MC - $400
d
Back to Board
MC - $500
What are the 4 characteristics of
monopolistic competition?
Number of firms – many, some variety of goods,
little control over prices, low barriers to entry.
Back to Board
Everything Else- $100
What is a variable cost and provide an example
Anything a business uses that
changes from month to Back
month
–
to Board
inventory, hiring new workers
Everything Else- $200
A producers profits are maximized when
Marginal Costs are ?
A. Equal to fixed costs minus variable costs
B. Less than variable costs
C. Resulting in decreasing marginal returns
D. Are equal to marginal revenue
D
Back to Board
Everything Else- $300
What is a marginal cost?
The cost of producing one more unit of
a good
Back to Board
Everything Else - $400
DAILY DOUBLE!!!
Everything Else- $400
What is the minimum wage an example of?
A price floor Back to Board
Everything Else- $500
Which of the following is an example of a good with
an inelastic demand?
A. Life-saving medicine
B. Television Sets
C. Computers
D. A particular brand of chewing gum
A
Back to Board