Econ Monopoly Jeopardy Template

VOCAB!!!!!!!	VOCAB PT2!!!!	TRUE OR FALSE??????
100 What is MONOPOLY???? The exclusive possesionof a trade commodity or service	100 What is substition the decrease in sales for a product that can be attributed to consumers changing to cheaper stuff	100 A MARGINAL COST t the additiona output resulting from a one unit increase in the use of a avariable input while other inputs are constant TRUE
200 What is OLIGOPOLY A state of limited competition in which market is shared by a small number of producers or sellers	200 What is law of demand a principle stating higher price consumers demand lower quantity of the good	200 Is the ELASTICITY degree to which individuals consumers or producers keep their demand or the the amount supplied in response to price or income FALSE
300 What is imperfect competition the situation prevailing in a market in which elements or monpoly allows producers or consumers to control market prices	300 What is law of supply the microeconomic law that states that all other factors being equal as the price of a good or service increases	300 is EQUILIBRIUM a condition or state in which economic forces are unbalanced. Economic variables change from their equality values in the absence of external FALSE
400 What is perfect competition the situation prevailing in a market which buyers and sellers are so numerous and well informed that elements of monopoly are not there	400 what is marginal cost the cost added by producing one additional unit of a product or service	400 Price fixing intended effect of keeping the market place of a good higher than the comnpetetive equuilibriumn level. TRUE
500 What is barriers to entry obstacles that make it hard for a firm to enter a given market	500 what is gross domestic product the monetary value of aLL finished goods and services made within a country during a specific period	500 OPPURTUNITY COST IS THE LOSS OF POTENTIAL GAIN FROM OTHER ALTERNATIVES WHEN ONE IS CHOSEN TRUE

ECON MONOPOLY!!!

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