1. Arrange students into groups. Each group needs at least ONE person who has a mobile device.
2. If their phone camera doesn't automatically detect and decode QR codes, ask students to
4. Cut them out and place them around your class / school.
1. Give each group a clipboard and a piece of paper so they can write down the decoded questions and their answers to them.
2. Explain to the students that the codes are hidden around the school. Each team will get ONE point for each question they correctly decode and copy down onto their sheet, and a further TWO points if they can then provide the correct answer and write this down underneath the question.
3. Away they go! The winner is the first team to return with the most correct answers in the time available. This could be within a lesson, or during a lunchbreak, or even over several days!
4. A detailed case study in how to set up a successful QR Scavenger Hunt using this tool can be found here.
Question | Answer |
| 1. When is productive efficiency achieved? | At AC min | 2. When is allocative efficiency achieved? | When P=MC | 3. Apart from accounting costs, what other Economic Costs does a firm have to cover in order to make a normal profit? | Opportunity Costs | 4. Why can’t a firm in Monopolistic Competition earn abnormal profits in the long run? | Because there are no barriers to entry | 5. How can an oligopolist earn abnormal profits? | By colluding | 6. Give one of the conditions for price discrimination | Market power/can separate consumers into groups/consumers have different PEDs | 7. Which diagram can be used to explain why Oligopoly is characterized by price stability? | The kinked demand curve | 8. Why might one firm in a collusive Oligopoly break their collusive behavior? | To grab a portion of its rivals market share | 9. Can a firm in perfect competition earn supernormal profit in the short run? | No | 10. In what sort of a market might a Monopoly decide not to earn Monopoly profits? | A contestable market | 11. What might minimum prices cause an excess of? | Supply | 12. What is the difference between Economies of Scale and the Law of Diminishing Returns? | Economies of Scale happen in the long run | 13. Where does MC intersect AC? | At AC minimum | 14. Give one example of a market where there may be asymmetric information? | E.g. insurance market | 15. Give one example of a regulation that could be used to reduce a given negative externality of consumption | Accurate example | 16. If left to the market, why will merit goods be underprovided by the market? | Their MSB is higher than their MPB/Firms do not have a financial incentive to provide enough of them | 17. What does the triangle in an externality diagram show? | Welfare loss/deadweight loss | 18. What is the equation for cross elasticity of demand? | % change in price of good X divided by % change in price of good Y |
When is productive efficiency achieved?&choe=UTF-8
Question 1 (of 18)
When is allocative efficiency achieved?&choe=UTF-8
Question 2 (of 18)
Apart from accounting costs, what other Economic Costs does a firm have to cover in order to make a normal profit?&choe=UTF-8
Question 3 (of 18)
Why can’t a firm in Monopolistic Competition earn abnormal profits in the long run?&choe=UTF-8
Question 4 (of 18)
How can an oligopolist earn abnormal profits?&choe=UTF-8
Question 5 (of 18)
Give one of the conditions for price discrimination&choe=UTF-8
Question 6 (of 18)
Which diagram can be used to explain why Oligopoly is characterized by price stability?&choe=UTF-8
Question 7 (of 18)
Why might one firm in a collusive Oligopoly break their collusive behavior?&choe=UTF-8
Question 8 (of 18)
Can a firm in perfect competition earn supernormal profit in the short run?&choe=UTF-8
Question 9 (of 18)
In what sort of a market might a Monopoly decide not to earn Monopoly profits?&choe=UTF-8
Question 10 (of 18)
What might minimum prices cause an excess of?&choe=UTF-8
Question 11 (of 18)
What is the difference between Economies of Scale and the Law of Diminishing Returns?&choe=UTF-8
Question 12 (of 18)
Where does MC intersect AC?&choe=UTF-8
Question 13 (of 18)
Give one example of a market where there may be asymmetric information?&choe=UTF-8
Question 14 (of 18)
Give one example of a regulation that could be used to reduce a given negative externality of consumption&choe=UTF-8
Question 15 (of 18)
If left to the market, why will merit goods be underprovided by the market?&choe=UTF-8
Question 16 (of 18)
What does the triangle in an externality diagram show?&choe=UTF-8
Question 17 (of 18)
What is the equation for cross elasticity of demand? &choe=UTF-8
Question 18 (of 18)
