Check the clues and answers for your group. Answers stay hidden during live play until the host reveals them.
Round 1
Supply and Demand
$200
Goods that see an increase in demand when consumer income rises.
$400
A binding floor set by the government above the equilibrium price.
$600
The horizontal summation of individual firm supply curves in a perfectly competitive market.
$800
A situation where quantity supplied equals quantity demanded at a specific price.
$1000
The inverse relationship between price and quantity demanded defines this fundamental principle.
Costs and Production
$200
The period where at least one factor of production is held constant.
$400
The additional output resulting from employing one more unit of a variable input.
$600
Costs that do not change with the level of output produced.
$800
The U-shaped curve that always intersects marginal cost at its minimum point.
$1000
A situation where long-run average costs increase as the scale of production grows.
Consumer Choice
$200
The satisfaction a consumer derives from consuming a unit of a good.
$400
The change in consumption resulting from a change in the relative price of goods.
$600
A graphical representation of all combinations of two goods that a consumer can afford.
$800
The rate at which a consumer is willing to trade one good for another while remaining equally satisfied.
$1000
The rule stating a consumer should allocate income so the marginal utility per dollar spent is equal across all goods.
Market Structures
$200
The strategy firms use in oligopolies to maximize joint profits.
$400
A market with many buyers and sellers of identical products.
$600
A market structure characterized by a few large firms and significant barriers to entry.
$800
A single firm that serves as the only provider of a unique product with no close substitutes.
$1000
A market with many firms selling differentiated products with low barriers to entry.
Factor Markets
$200
A firm that is the sole employer of labor in a specific geographic area.
$400
The demand for a factor of production derived from the demand for the final product.
$600
The wage rate at which the quantity of labor supplied equals the quantity demanded.
$800
The market where labor services are traded between households and firms.
$1000
This term represents the additional expenditure incurred by a firm when it employs one more unit of an input, such as labor.
Market Failure
$200
A good that is both non-rival and non-excludable.
$400
A tax levied on producers to account for the social cost of pollution.
$600
The scenario where individuals have an incentive to consume a resource without paying for it.
$800
A cost imposed on a third party not involved in a market transaction.
$1000
A benefit received by a third party from a transaction they did not participate in.
Double Jeopardy
Supply and Demand
$400
The point where total revenue is maximized in a linear demand curve.
$800
The loss of total surplus caused by government interference in market prices.
$1200
When a change in price causes a more than proportional change in quantity demanded.
$1600
The condition where demand is completely unresponsive to price changes.
$2000
The relationship between cross-price elasticity of demand and goods used together.
Costs and Production
$400
Total revenue minus the sum of explicit and implicit costs.
$800
The sum of all implicit and explicit expenses a business incurs during operations.
$1200
The measure of a firm's internal efficiency when all inputs are variable.
$1600
The long-run curve representing the lowest possible average cost for each level of output.
$2000
The principle that eventually, each additional unit of variable input adds less to output.
Consumer Choice
$400
The impact of a change in purchasing power caused by a price change.
$800
Curves representing all bundles of goods that provide equal utility to a consumer.
$1200
The point where the budget constraint is tangent to an indifference curve.
$1600
Goods whose quantity demanded decreases as consumer income increases.
$2000
A situation where a decrease in price leads to a decrease in quantity demanded.
Market Structures
$400
The ability of a firm to raise price above marginal cost.
$800
The practice of charging different prices to different consumers for the same good.
$1200
A game theory situation where both players choose a strategy that is not socially optimal.
$1600
The model describing firms in an oligopoly following price decreases but not increases.
$2000
This describes a market structure where a single firm's behavior, such as a price change, depends heavily on the strategic reactions of a few competing firms.
Factor Markets
$400
The payment to the factor of production known as land.
$800
The substitution of capital for labor when the relative cost of labor rises.
$1200
The condition where the wage equals the value of the marginal product of labor.
$1600
The wage differential resulting from differences in risk or working conditions.
$2000
The tendency for wages to equalize across industries with similar skill requirements.
Market Failure
$400
Information asymmetry where the seller knows more than the buyer.
$800
A good that is rival but not excludable.
$1200
The situation where a market is unable to reach an efficient equilibrium without intervention.
$1600
The phenomenon where agents act in their own interest to the detriment of the principal.
$2000
The market condition where resources are not allocated to their most valued use.
Final Jeopardy · Game Theory
A strategy that is the best choice for a player regardless of what the other player does.
