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Econ 40

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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
jaleesa
United States

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Econ 40
 

Econ 40Online version

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.

by jaleesa
1

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

2

In Perfect Competition, firms are Price-Takers

3

The products in Perfect Competition are considered Perfect Substitutes

4

There are 5 Market Structures

5

In Perfect Competition, Price = Marginal Revenue

6

The goal for Perfect Competition is to minimize profit

7

The Rule of Rational Choice is MR = MC

8

q* is MR = MC

9

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

10

ATC is the lowest point where it crosses MC

11

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

12

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

13

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

14

There are 3 types of Barriers to Entry for Monopoly

15

P > ATC is an Economic Profit

16

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

17

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

18

Monopolistic Firms are not efficient

19

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

20

The products for Monopolistic Competition are similar but differentiated

 
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