Cash Cab

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Cash Cab
Click for Rules
Market Systems
Factor Market
Definitions
Formulas
Graphs
Q 100
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Q 200
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Q 400
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Q 500
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Q 500
Final Cash Cab
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Rules

• Keep your own score- you may play with a partner
  on two computers and whoever answers first gets
  the points like in real life.
• If a question tells you to wager, set your wager
  before answering the question.
• Always start at the home slide, click on the
  question and then click again for the answer,
  then click on Ben to go back to the home slide.

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100 Question from Definitions
Definition of Economics
4
100 Answer from Definitions
What is a social science that explains how people
satisfy unlimited wants with limited resources?
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200 Question from Definitions
Definition of Opportunity Cost
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200 Answer from Definitions
What is the value of what is forgone in order to
gain more of something else?
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300 Question from Definitions
Definition of Normal Goods
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300 Answer from Definitions
What is a good that as income increases the
quantity demanded increases (or as income
decreases the quantity demanded decreases)?
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400 Question from Definitions
Definition of a Compliment Good
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400 Answer from Definitions
What is a a good that will decrease in demand as
the price of its compliment increases (or as
price of the compliment decreases, demand
increases)? Ex. Macaroni and Cheese
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500 Question from Definitions
Definition of Normative Economics
Potent Potables
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500 Answer from Definitions
What is economics in which there are statements
that include value judgments (should, ought to)?
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100 Question from Formulas
Profit Maximizing Formula
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100 Answer from Formulas
MRMC Know this formula!!!!!
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200 Question from Formulas
Formula that would tell a company how many people
to hire
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200 Answer from Formulas
MRCMRP (Marginal Resource Cost equals Marginal
Revenue Product)
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300 Question from Formulas
Elasticity of Demand gt 1 tells us this about the
demand curve
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300 Answer from Formulas
What is Demand is Elastic? Ed change in
quantity/ change in price
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400 Question from Formulas
MSB (Marginal social benefit) gt MPB (Marginal
Producer Benefit) indicates this economic
phenomenon.
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400 Answer from Formulas
What is a Positive Externality?
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500 Question from Formulas
This formula tells us that 2 goods are substitutes
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500 Answer from Formulas
Exy gt 0 Exy change in quantity good x/
change in quantity good y
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100 Question from Market Systems
In perfect competition, this is what price equals.
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100 Answer from Market Systems
PMR, D, AR
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200 Question from Market Systems
The 3 different types of oligopolies.
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200 Answer from Market Systems
What is Kinked Demand, Collusion, and Price
Leadership?
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300 Question from Market Systems
This is what monopolistic competition earns in
the long run.
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300 Answer from Market Systems
What is a Normal Profit?
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400 Question from Market Systems
This point is also known as the socially optimal
point.
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400 Answer from Market Systems
What is the point on a natural monopoly where
demand equals marginal cost (MBMC)?
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500 Question from Market Systems
This type of market system is categorized by few
barriers to entry.
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500 Answer from Market Systems
What is monopolistic competition?
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100 Question from Graphs
In a price discriminating monopoly, these two
curves are equal
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100 Answer from Graphs
What is the marginal revenue curve and the demand
curve?
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200 Question from Graphs
In a positive externality, this is greater than
marginal private benefit.
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200 Answer from Graphs
What is marginal social benefit?
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300 Question from Graphs
This graph represents
Firm Creating Pollution
Price Cost
MSC
MPC
MPB
Qsociety wants
Qbeing produced
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300 Answer from Graphs
What is a negative externality?
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400 Question from Graphs
DOUBLE Cash Cab Make your wager!
Draw the graph that represents a monopsony.
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400 Answer from Graphs
Wages
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500 Question from Graphs
The graph for this market model will always
settle at a price where ATC equals demand.
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500 Answer from Graphs
What a a natural monopoly (regulated monopoly)?
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100 Question from Factor Market
This is the slope of the marginal revenue cost
curve in a perfectly competitive labor market.
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100 Answer from Factor Market
What is zero? It is a constant, horizontal line.
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200 Question from Factor Market
This occurs when the demand for a product goes up
in the derived demand for labor for that product.
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200 Answer from Factor Market
The derived demand for labor will also increase
in demand.
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300 Question from Factor Market
Definition of marginal factor cost.
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300 Answer from Factor Market
What is the additional cost of hiring one more
worker?
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400 Question from Factor Market
Gini coefficient formula
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400 Answer from Factor Market
Shaded area / area of triangle ABC
C
Cumulative of income
Line of perfect equality
Lorenz Curve
B
A
Cumulative of Families
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500 Question from Factor Market
This type of good is nonrival in consumption and
nonexcludable.
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500 Answer from Factor Market
What is a public good?
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Final Cash Cab
Make your final wager! Seriously! Are you
done? OK, click once more.
As the Herfindahl-Herschman Index increases, this
happens to the number of firms in the industry or
this happens to the firms in size.
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Final Cash Cab Answer
What is the number of firms in the industry
decreases or the firms or the firms become less
uniform in size?