Transcript reviewgame template

AP
Microeconomics
Supply and
Demand
Factor
This!
Price taker,
heart breaker
To market we
go
At the
Margin
100
200
300
400
100
200
300
400
100
200
300
400
100
200
300
400
100
200
300
400
500
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500
500
500
Supply & Demand for 100
Question: The law of this says that
price and quantity are inversely
related
Check Your Answer
Supply & Demand for 100
Answer: Demand
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Supply & Demand 200
Question: Of shortage and surplus,
the one caused by a price floor
Check Your Answer
Supply & Demand for 200
Answer: Surplus
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Supply & Demand for 300
Question: If an increase in the price of sugar
causes an decrease in demand for cream, the
two goods have this relationship to each other.
Check Your Answer
Supply & Demand for 300
Answer: Complimentary Goods
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Supply & Demand for 400
Question: This double shift causes an increase in
price and an indeterminate effect on quantity
Check Your Answer
Supply & Demand for 400
Answer: Decrease supply, increase
demand
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Supply & Demand for 500
Question: A sales tax increase has these
effects on supply, demand, price, quantity
Check Your Answer
Supply & Demand for 500
Answer: decrease S, no change D,
increase P, decrease Q
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Factor This!for 100
Question: These are the four factors
of production
Check Your Answer
Factor This! for 100
Answer: land, labor, capital,
entrepreneurial ability
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Factor This !for 200
Question: A firm wishing to maximize profit
would hire this quantity of a resource.
Check Your Answer
Factor This! for 200
Answer: MRP = MRC
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Factor This for 300
Question: A firm that can hire as many
workers as it wants at the equilibrium
wage is operating in this type of labor
market.
Check Your Answer
Factor This for 300
Answer: Perfectly Competitive
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Factor This for 400
Question: For a monopsonistic firm, this
is the relationship between supply for a
resource and its MRC.
Check Your Answer
Factor This for 400
Answer: MRC > S
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Factor This for 500
Question: A firm using 2 resources, and wishing
to minimize costs for a particular quantity of
production, would spend its last dollar on each
resource so that these were equal.
Check Your Answer
Factor This for 500
Answer: MPL/PL = MPC/PC
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Price taker,heart breaker for
100
Question: Unlike firms attempting to enter a
monopolized market, firms in a perfectly
competitive market face none of these.
Check Your Answer
Price taker,heart breaker for 100
Answer: Barriers to entry
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Price Taker, Heart Breaker for 200
Question: Product price for a firm in
perfect competition is established here
Check Your Answer
Price Taker, Heart Breaker for 200
Answer: The Market
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Price Taker, Heart Breaker for 300
Question: For a perfectly
competitive firm, this is the
relationship between price and
marginal revenue
Check Your Answer
Price Taker, Heart Breaker for 300
Answer: Equal
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Price Taker, Heart Breaker for 400
Question: The demand graph for a
perfectly competitive firm has this
elasticity
Check Your Answer
Price taker, Heart breaker for 400
Answer: Perfectly Elastic
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Price taker, Heart breaker for 500
Question: Above AVC, this graph is
the same as the firm’s supply graph
Check Your Answer
Price taker, Heart Breaker for 500
Answer: MC
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To Market we go for 100
Question: Of monopolistic
competition and oligopoly, the
market which has fewer dominant
firms
Check Your Answer
TO market we go for 100
Answer: Oligopoly
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To market we go for 200
Question: The prisoner’s dilemma
helps explain the actions of firms in
this market
Check Your Answer
TO market we go for 200
Answer: oligopoly
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TO market we go for 300
Question: The 2 markets in which a
firm earns a normal profit at longrun equilibrium
Check Your Answer
TO market we go for 300
Answer: Perfect competition,
monopolistic competition
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TO market we go for 400
Question: This is the relationship in
any less competitive market
between average revenue and
marginal revenue.
Check Your Answer
TO market we go for 400
Answer: AR > MR
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To market we go for 500
Question: If a monopolist is to be able
to practice perfect price discrimination,
these 2 additional conditions must be
present
Check Your Answer
To market we go for 500
Answer: Buyer segregation and no
resale
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At the Margin for 100
Question: To maximize profit or
minimize cost, a firm should produce
that quantity such that this is true.
Check Your Answer
At the Margin for 100
Answer: MR = MC
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At the Margin for 200
Question: The fact that consumer
satisfaction decreases as additional units
of a product are consumed is explained by
this economic law.
Check Your Answer
At the Margin for 200
Answer: Law of Diminishing
Marginal Utility
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At the Margin for 300
Question: This term is found by
calculating the change in total revenue
brought about by hiring an additional
unit of a resource.
Check Your Answer
At the Margin for 300
Answer: Marginal Revenue Product
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At the Margin for 400
Question: Price will be equal to this
when a firm is producing a quantity at
which allocative efficiency is achieved.
Check Your Answer
At the Margin for 400
Answer: Marginal Cost
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At the Margin for 500
Question: The mirror image of marginal
cost, this will increase, diminish, and then
become negative as additional units of a
variable resource are added to a fixed
resource.
Check Your Answer
At the margin for 500
Answer: Marginal Product
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