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Welcome to Mueller Park

Welcome to Mueller Park. Rules of the Game. Everybody Hits - step up to the plate when it’s your turn Questions come in the form of singles, double, triples, and home runs Questions are random Watch out - there are strikeouts, double plays, and errors

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Welcome to Mueller Park

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  1. Welcome to Mueller Park

  2. Rules of the Game • Everybody Hits - step up to the plate when it’s your turn • Questions come in the form of singles, double, triples, and home runs • Questions are random • Watch out - there are strikeouts, double plays, and errors • Teams will be penalized outs and sometimes runs if they cannot control themselves or choose to relay answers

  3. Example • Cartels are difficult to operate because of which of the following reasons? • A.They work if members keep to the agreed output • B.They are illegal worldwide • C.Firms in a cartel are likely to lose money • D.Their products are perfectly competitive • A: A • Single

  4. What is a commodity? • A: Product that is considered the same no matter who makes or sells it • Single

  5. List one industry that has been deregulated in recent years • A: Airlines, Pharmaceuticals • Single

  6. What is Marginal Cost? • A: additional cost of producing one more unit of something • Double

  7. What percentage of businesses are Sole Proprietorships? • A: 75% • Single

  8. The night security guard at the textile mill is known as a _______ cost • Fixed or Variable • A: Fixed • Single

  9. The leading firms have three possible ways to control prices and output like a monopoly. What are they? (each worth a bag) • A: Cartel, Merger, and Predatory Pricing • Home Run

  10. The amount a company receives for selling its goods is known as _____ ____. • A: Total Revenue • Single

  11. When the selling price of a good goes up, what is the relationship of quantity supplied? • A: It becomes practical to produce more goods • Double

  12. What kind of market runs efficiently when one large firm supplies all of the goods? • A: Monopoly • Single

  13. What is monopolistic competition? • A: Many companies selling similar but not identical products • Double

  14. Give one example of how a company can lower production costs through the use of technology • A: Email • Single

  15. What percentage of businesses are partnerships? • A: 5%-7% • Single

  16. Corporations are ______% of the business world, but they produce ______% of the products • A: 20% & 80% • Double

  17. In ________ _______, many firms companies compete in a open market and to sell products that are similar but not identical • A: Monopolistic Competition • Single

  18. Which type of market has many barriers to entry? • A: Oligopoly or Monopoly • Double

  19. Balk! • All runners move up one base

  20. Are video game systems an example of monopolistic competition or oligopoly? • A: Oligopoly • Single

  21. What is the main reasons for regulating and deregulating markets? • A: Force competition and lower prices • Home Run

  22. The cost of a good is usually determined by _____ and ____. • A: Supply and Demand • Single

  23. What are the four types of non-price competition? • A: Location, Service Level, Advertising, Physical Characteristics • Triple, or Sac fly if out is made

  24. Two or more firms producing 80 % of the output is the definition of a(n) _________. • A: Oligopoly • Single

  25. Organizations that are in the business of benefiting society and operate like a business are called _______ ________. • A: Nonprofit Organizations • Single

  26. What is the difference between a patent and a license? • A: Patent is license for a product, and License is used to run a business • Double

  27. If a general partnership fails, who is responsible for all of the debts? • A: All of the partners • Single

  28. How do stockholders have influence on the corporation they own? • A: They elect the board of directors • Double, or Sac Fly if an out is made

  29. Economists use the term ______ to describe agreements among firms to set prices and production levels. • A: Collusion • Double

  30. Common barriers to entry include ______ costs and ______. • A: Operating Costs and Technology • Double

  31. Why would the government block a merger? • A: If it reduces competition • Single

  32. What are the three types of corporate mergers? • A: Horizontal, Vertical, Conglomerate • Triple

  33. What is one cost that could be a variable cost for a business? • A: Any cost of production that could change, like eggs in a bakery • Single

  34. End of Ball Game

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