AP Microeconomics Review Jeopardy

A free AP Microeconomics review board on elasticity, cost curves, market structures, and market failure. Project it; students buzz in on phones.

6 categories · 30 clues · Final Jeopardy · everyone buzzes in from their phone

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Basic Economic Concepts

$200
This is the value of the next best alternative given up when a choice is made.
What is opportunity cost?
$400
A country has this in a good if it can produce the good at a lower opportunity cost than another country.
What is comparative advantage?
$600
A point inside the production possibilities curve shows an economy experiencing this.
What is inefficiency?
$800
A production possibilities curve bowed outward from the origin reflects this law.
What is the law of increasing opportunity costs?
$1,000
A country can make either 10 cars or 20 tons of wheat, so each car costs it this much wheat.
What is 2 tons?

Supply, Demand, Elasticity

$200
If a 10 percent price rise causes a 20 percent drop in quantity demanded, demand is described this way.
What is elastic?
$400
For a good with perfectly inelastic demand, the demand curve has this shape.
What is vertical?
$600
When demand is perfectly inelastic, this group bears the entire burden of a per-unit tax.
What are consumers?
$800
A negative value of this elasticity tells you two goods are complements.
What is cross-price elasticity of demand?
$1,000
Income elasticity of demand is negative for this type of good.
What is an inferior good?

Production and Costs

$200
Costs such as rent that do not change with the level of output are these.
What are fixed costs?
$400
This is the additional output produced by hiring one more worker.
What is marginal product?
$600
Average total cost minus average variable cost equals this.
What is average fixed cost?
$800
The marginal cost curve crosses both the average variable cost and average total cost curves at these points.
What are their minimum points?
$1,000
When long-run average total cost falls as a firm expands output, the firm is enjoying these.
What are economies of scale?

Perfect Competition

$200
A perfectly competitive firm must accept the market price, making it this.
What is a price taker?
$400
The demand curve facing an individual perfectly competitive firm has this shape.
What is horizontal?
$600
In long-run equilibrium, perfectly competitive firms earn this level of economic profit.
What is zero?
$800
A firm should shut down in the short run if price falls below the minimum of this curve.
What is average variable cost?
$1,000
Because price equals minimum average total cost in long-run equilibrium, perfect competition achieves this kind of efficiency.
What is productive efficiency?

Monopoly and Oligopoly

$200
For a single-price monopolist, the marginal revenue curve lies in this position relative to the demand curve.
What is below it?
$400
The lost surplus when a monopoly produces less than the socially efficient quantity is called this.
What is deadweight loss?
$600
Charging different customers different prices for the same good, not based on cost differences, is this.
What is price discrimination?
$800
In game theory, an outcome where no player can do better by changing strategy alone is this.
What is a Nash equilibrium?
$1,000
A perfectly price-discriminating monopolist produces the efficient quantity but captures all of this.
What is consumer surplus?

Factor Markets and Failure

$200
A cost imposed on third parties, such as pollution from a factory, is this.
What is a negative externality?
$400
A good that is non-rival and non-excludable, such as national defense, is this.
What is a public good?
$600
A firm hires workers up to the point where the wage equals this, the extra revenue one more worker brings in.
What is marginal revenue product?
$800
A labor market with a single dominant employer is called this.
What is a monopsony?
$1,000
A per-unit tax set to equal the external cost of a good is named for this English economist.
Who is Arthur Pigou?

Final Jeopardy — The Profit Rule

A firm maximizes profit by producing the quantity at which marginal revenue equals this.

What is marginal cost?

How to run this board

Six columns follow the AP Micro course: basic economic concepts, supply, demand, and elasticity, production and cost curves, perfect competition, imperfect competition from monopoly to oligopoly, and factor markets and market failure.

Graphs carry this exam, so draw a blank axis on the whiteboard and have the answering team sketch the relevant curve or shift for any graph-based clue before the points are awarded.

A useful rule for the cost-curve column: a team must name which curve crosses which at the minimum point to earn a bonus. It is the detail students forget under exam pressure.

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