Econ Quizizz: Markets

What is an example of an Inferior Good?

• A Prada Necklace

• Off-Brand Cereal (store brand)

• Drake's new album

• The NBA

Which of the following describes an Oligopoly?

• One company dominates (1)

• Many companies dominate (20-25)

• Detroit, because King runs the 313

• A handful of companies dominate (4-5)

Adam Smith believed that allowing markets to set prices themselves (through self-interested buyers and sellers working together to determine fair prices for goods and services) was superior to simply letting the government step in and set prices however they want to.

This phenomenon is known as:

• The Product Market

• The Factor Market

• The rap game

• The Invisible Hand

"Giving up one benefit in order to gain another, greater benefit"

• Opportunity Cost

• Trade Off

• Being a baller

• Specialization

Chose the best answer: Buyers and sellers interact in a:

• Market

• Cost/Benefit Analysis

• Football game where King blows out Ford.

• Trade-Off

We sell our labor in the _______ Market, and spend money in the ________ market

• Resource, Opportunity

• Factor, Product

• King 49, Renaissance 0

• Free, Command

Which of the following markets has a low barrier to entry:

• Monopolistic Competition

• Oligopoly

• The Detroit Pistons

• Perfectly Competitive Market

There are three entities within the Circular Flow Diagram: Households (us), firms (businesses), and the:

(a)  

When you make a decision and you give up one option, the option you gave up is called your:

• Inferior choice

• Normal choice

• Switched Lane

• Opportunity Cost

What do businesses sell in the Product Market?

• Goods and Services

  (things we buy)

• Wages

  (the money they pay to their workers)

• Nonsense

  (that your friends think is cool for some reason)

• Public Goods

  (roads, bridges, schools, etc.)