Econ 40

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Econ 40 is a fun and engaging game where players must determine whether various economic concepts, terms, and entities are relevant to the study of economics at an introductory level. Players will answer with ✅ for relevant nouns and ❌ for those that are not.

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jaleesa

Estados Unidos

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Econ 40


Econ 40Versión en línea Econ 40 is a fun and engaging game where players must determine whether various economic concepts, terms, and entities are relevant to the study of economics at an introductory level. Players will answer with ✅ for relevant nouns and ❌ for those that are not. por jaleesa 1 The characteristics for Perfect Competition are many sellers, unique products and low barriers Yes No 2 In Perfect Competition, firms are Price-Takers Yes No 3 The products in Perfect Competition are considered Perfect Substitutes Yes No 4 There are 5 Market Structures Yes No 5 In Perfect Competition, Price = Marginal Revenue Yes No 6 The goal for Perfect Competition is to minimize profit Yes No 7 The Rule of Rational Choice is MR = MC Yes No 8 q* is MR = MC Yes No 9 The 3 Step Method is Find q*, Find P and Find ATC Yes No 10 ATC is the lowest point where it crosses MC Yes No 11 A firm should Operate at a Loss if they cannot cover its Variable Costs Yes No 12 Productive Efficiency is when a firm produces for the last unit produced Yes No 13 The characteristics for Monopoly are one seller, unique products and high barriers Yes No 14 There are 3 types of Barriers to Entry for Monopoly Yes No 15 P > ATC is an Economic Profit Yes No 16 Average Cost Pricing is when a firm can produce where D = ATC Yes No 17 The conditions necessary for Price Discrimination are Market power, Market Segmentation and Difficulty in Reselling Yes No 18 Monopolistic Firms are not efficient Yes No 19 The characteristics for Monopolistic Competition are many sellers, unique products and low barriers Yes No 20 The products for Monopolistic Competition are similar but differentiated Yes No

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Econ 40

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Econ 40Versión en línea

por jaleesa

The characteristics for Perfect Competition are many sellers, unique products and low barriers

In Perfect Competition, firms are Price-Takers

The products in Perfect Competition are considered Perfect Substitutes

There are 5 Market Structures

In Perfect Competition, Price = Marginal Revenue

The goal for Perfect Competition is to minimize profit

The Rule of Rational Choice is MR = MC

q* is MR = MC

The 3 Step Method is Find q*, Find P and Find ATC

ATC is the lowest point where it crosses MC

A firm should Operate at a Loss if they cannot cover its Variable Costs

Productive Efficiency is when a firm produces for the last unit produced

The characteristics for Monopoly are one seller, unique products and high barriers

There are 3 types of Barriers to Entry for Monopoly

P > ATC is an Economic Profit

Average Cost Pricing is when a firm can produce where D = ATC

The conditions necessary for Price Discrimination are Market power, Market Segmentation and Difficulty in Reselling

Monopolistic Firms are not efficient

The characteristics for Monopolistic Competition are many sellers, unique products and low barriers

The products for Monopolistic Competition are similar but differentiated