Transcript yellow dollar amount

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!
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Scroll through the presentation and enter the answers (which are really the questions)
and the questions (which are really the answers).
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Enter in the five category names on the main game board (Slide 4).
Game Play
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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
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As you play the game, click on the YELLOW DOLLAR AMOUNT that the contestant
calls, not the surrounding box.
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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.
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Click on the “House / Home Icon” box to return to the main scoreboard.
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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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Final
Perfect
Competiion
Pure
Monopolistic
Oligopoly
Monopoly Competition
Misc.
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Name four characteristics
of Perfect Competition
* 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.
b.
c.
d.
e.
Perfectly inelastic, perfectly elastic
downsloping, perfectly elastic
downsloping, perfectly inelastic
perfectly elastic, downsloping
relatively inelastic, relatively inelastic
The vertical distance between
ATC and AVC is:
A.
B.
C.
D.
E.
the law of diminishing returns
total fixed costs
the average fixed cost at each level of
output
marginal cost at each level of output
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. What is the
area of consumer surplus.
There is no consumer surplus
Give at least three different
examples of non price
competition.
1.
2.
3.
4.
5.
Brand Names and Packaging
Product Attributes
Service
Location
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 ______.
1.
2.
3.
4.
5.
6.
7.
8.
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. 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