Microeconomics II
JEOPARDY
Market
Structure
Tariffs
Trade
100
100
100
100
200
200
200
200
200
300
300
300
300
300
400
400
400
400
400
500
500
500
500
500
Hodepodge
Externaliti
es
100
Category 1 for 100
 Good whose demand varies
inversely with money
(income)
Category 1 for 100
 What is an Inferior good
Category 1 for 200
 This law states that as the price
rises, the quantity supplied
increases
Category 1 for 200
 What is the Law of Supply
Category 1 for 300
 The circular flow model includes these two
decision makers
Category 1 for 300
 Who are Households and Businesses
Category 1 for 400
 Under Oligopoly, when rivals will ignore price
increases and follow price decreases, this
leads to the following phenomenon
Category 1 for 400
 What is a Kinked Demand Curve
Category 1 for 500
 Firms will use this rule to maximize profits or
minimize losses
Category 1 for 500
 What is the MR=MC Rule
Category 2 for 100
 This occurs when some of the cost or benfit
of a good are passed on to someone other
than the buyer or seller
Category 2 for 100
 What is an Externality?
Category 2 for 200
 Negative externalities are a failure on this
side of the market
Category 2 for 200
 What is supply
Category 2 for 300
 Positive externalities are a failure on this side
of the market
Category 2 for 300
 What is Demand
Category 2 for 400
 Negative externalities will lead to this
condition with regard to societies use of
resources
Category 2 for 400
 What is an overallocation of resources
Category 2 for 500
 Positive externalities lead to this condition
with respect to societes use of resources
Category 2 for 500
 What is an under allocation of resources
Category 3 for 100
 Amount of consumer surplus if a monopolist
is able to perfectly price discrimiante.
Category 3 for 100
 What is zero
Category 3 for 200
 A seller that is unable to affect the price of
the product they sell is known as what
Category 3 for 200
 What is a Price Taker
Category 3 for 300
 An option that is better for a player no
matter what their opponent does is known as
what
Category 3 for 300
What is a Dominant Strategy
Category 3 for 400
 The price of a product which results in the
most efficient use of resources and where the
MC equals the price
Category 3 for 400
 What is the Socially Optimal Price
Category 3 for 500
 An outcome from which neither of two rivals
firms will devaite
Category 3 for 500
 What is a Nash Equilibrium
Category 4 for 100
 Tariffs provide the greatest direct benefit to
this group
Category 4 for 100
 Who are Industry workers
Category 4 for 200
 Tariffs are the most harmful to these two
groups
Category 4 for 200
 Who are Consumers and Foreign Producers
Category 4 for 300
 The legal limit palced on the import of a
product
Category 4 for 300
 What is a Quota
Category 4 for 400
 The change in the price of a good as a result
of a tariff
Category 4 for 400
 What is Increase
Category 4 for 500
 The direct effect of tariffs includes these four
outcomes
Category 4 for 500
 What are a
 Decrease in consumption
 Increase in Domestic Production
 Decline in Imports
 Increase in Government Revenues
Category 5 for 100
 A condition in which a country can produce a
product at a lower opportunity cost than
another country
Category 5 for 100
 What is Comparative Advantage
Category 5 for 200
 The account of trade between countries in
currently produced goods and services
Category 5 for 200
 What is the Current Account
Category 5 for 300
 The account of the flow of financial capital
between two countries
Category 5 for 300
 What are Capital accounts
Category 5 for 400
 The following information changes in an
output problem
Category 5 for 400
 What is the output or production of the
product, while the input items (resources
used) stays the same
Category 5 for 500
 The two primary benefits of free trade
Category 5 for 500
 What are a
 More efficient allocation of resources for the
world; and
 A higher level of material well-being for the
world