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Micro 2.6-Crude Oil-Post Game Debrief

Last updated 4 months ago
4 questions
1
In the simulation, buyers like ___________ priced cards. The __________ the transaction price, the more likely the buyer is _____________________ to demand and buy a barrel of crude oil. If the transaction price is too high, the buyer will have to _________ the market and will no longer be considered a buyer of oil.
Other Answer Choices:
exit
lower
able
willing and able
higher
enter
willing
1
In the simulation, sellers like __________ priced cards. The ___________ the transaction price, the more likely the seller is _____________________ to supply and sell a barrel of crude oil. If the price is too low, the seller will have to _________ the market and will no longer be considered a seller of oil.
Other Answer Choices:
enter
exit
able
higher
willing and able
willing
lower
1
When looking at the data, the general trend across the 3 rounds is a convergence toward a certain price. This is known as the ________________ price in the market. At the ________________ price, the sellers ____________________ and the buyers ____________________ are equal. On a graph, this is where the supply curve and the demand curve ______________ with each other. Another word for ________________ price is ____________________ price as the quantity supplied and quantity demand is cleared through _______________________ between buyers and sellers. Lastly, the quantity that results at equilibrium price is known as the ________________ quantity.
Other Answer Choices:
quantity supply
market-clearing
intersect
equilibrium
voluntary exchange
quantity demand
1
The vertical distance between the demand curve and equilibrium ______________________ is known as _____________________ . The _____________________ is the difference between what a buyer is willing and able to pay and the equilibrium __________. The vertical distance between the equilibrium __________ and the supply curve is known as the _____________________ . The _____________________ is the difference between the equilibrium __________ and what a seller is willing and able to accept to cover their costs. The consumer surplus plus the _____________________ makes the __________________ .
Other Answer Choices:
total surplus
price
producer surplus
consumer surplus