Which of the following is a defining characteristic of a perfectly competitive market?
There are many buyers and sellers, and firms are price takers
Firms have significant control over prices
Collect
There are high barriers to entry preventing new firms
Chapter 8 question 2/2
In the short run, a profit maximizing firm will produce the level of output where?
Total revenue is maximized
Collect
Marginal product is zero
Marginal cost equals marginal revenue
Well done! Happy chickens
Cluck, Cluck...
continue
Cows and their milk
Milk the cows for each correct answer
x2
x0
Start
x0
x0
Chapter 9 QUESTION 1/2
In a perfectly competitive market, individual firms are best described as:
Price takers who must accept the market price
Price makers who can set any price they want
Milking
Price makers with absolute control over the supply
Chapter 9 QUESTION 2/2
In the long run, economic profits in a perfectly competitive market approach zero because:
Milking
Government regulations force firms to lower their prices
New firms enter the market whenever economic profits are positive, which increases supply and drives the price down
Existing firms get bored of enriching themselves
Well done! Happy cows
Mmoooo...
continue
Pigs and their food
Feed the pigs for each correct answer
x2
x2
x0
x0
Start
Chapter 10 QUESTION 1/2
In a monopoly industry, there are no production changes, high profits, and ___.
P = MC
P < MC
Feed
P > MC
P NOT = MC
Chapter 10 QUESTION 2/2
What are the characteristics of a monopoly.
SIngle seller, No close substitute, Price maker, and Blocked entry.
Many sellers, No close substitute, Price giver, and Blocked entry.
Feed
SIngle seller, Some close substitute, Price maker, and Many entries.
Many sellers, Many close substitute, Price maker, and Blocked entry.
Well done! happy pigs
OinK, oink...
continue
Sheep and their wool
Shearing sheep wool for each correct answer
x2
x2
Start
x2
x0
Chapter 11 question 1/2
ATC = $4. Profit maximizing quantity is 200 gadgets. In a duopoly, if Co A & Co B agree to sell 100 each, but Co A reneges and makes 150 gadgets, what will happen to Co A's profit?
Decrease
Increase
Shearing
Remain the same
Chapter 11 question 2/2
Which is the dominant strategy for Anne and William respectively?
Shearing
Anne: Split William: Split
Anne: Split William: Steal
Anne: Steal William: Steal
Well done! Happy sheep
Beeeehehe...
continue
All right, daily chores done!
x2
x2
x2
x2
FInalize
CONGRATULATIONS!
start over?
It got dark and you haven't finished your daily chores!
FARM ESCAPE ROOM
BHJS Group
Created on April 22, 2026
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Transcript
FARM ESCAPE ROOM
Come do something for once.
start
Chickens and their eggs
Collect chicken eggs for each correct answer
x0
x0
x0
x0
Start
Chapter 8 question 1/2
Which of the following is a defining characteristic of a perfectly competitive market?
There are many buyers and sellers, and firms are price takers
Firms have significant control over prices
Collect
There are high barriers to entry preventing new firms
Chapter 8 question 2/2
In the short run, a profit maximizing firm will produce the level of output where?
Total revenue is maximized
Collect
Marginal product is zero
Marginal cost equals marginal revenue
Well done! Happy chickens
Cluck, Cluck...
continue
Cows and their milk
Milk the cows for each correct answer
x2
x0
Start
x0
x0
Chapter 9 QUESTION 1/2
In a perfectly competitive market, individual firms are best described as:
Price takers who must accept the market price
Price makers who can set any price they want
Milking
Price makers with absolute control over the supply
Chapter 9 QUESTION 2/2
In the long run, economic profits in a perfectly competitive market approach zero because:
Milking
Government regulations force firms to lower their prices
New firms enter the market whenever economic profits are positive, which increases supply and drives the price down
Existing firms get bored of enriching themselves
Well done! Happy cows
Mmoooo...
continue
Pigs and their food
Feed the pigs for each correct answer
x2
x2
x0
x0
Start
Chapter 10 QUESTION 1/2
In a monopoly industry, there are no production changes, high profits, and ___.
P = MC
P < MC
Feed
P > MC
P NOT = MC
Chapter 10 QUESTION 2/2
What are the characteristics of a monopoly.
SIngle seller, No close substitute, Price maker, and Blocked entry.
Many sellers, No close substitute, Price giver, and Blocked entry.
Feed
SIngle seller, Some close substitute, Price maker, and Many entries.
Many sellers, Many close substitute, Price maker, and Blocked entry.
Well done! happy pigs
OinK, oink...
continue
Sheep and their wool
Shearing sheep wool for each correct answer
x2
x2
Start
x2
x0
Chapter 11 question 1/2
ATC = $4. Profit maximizing quantity is 200 gadgets. In a duopoly, if Co A & Co B agree to sell 100 each, but Co A reneges and makes 150 gadgets, what will happen to Co A's profit?
Decrease
Increase
Shearing
Remain the same
Chapter 11 question 2/2
Which is the dominant strategy for Anne and William respectively?
Shearing
Anne: Split William: Split
Anne: Split William: Steal
Anne: Steal William: Steal
Well done! Happy sheep
Beeeehehe...
continue
All right, daily chores done!
x2
x2
x2
x2
FInalize
CONGRATULATIONS!
start over?
It got dark and you haven't finished your daily chores!
...
...
back