Designed by Institute of Play, This New York-Based Middle School

question 21

Multiple Choice

Designed by Institute of Play, this New York-based middle school and high school launched in 2009 and bases its curriculum on game theory and game mechanics:

• A) House of Pi
• B) Minecraft Technical Institute
• C) Outerra
• D) Quest to Learn

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Definitions:

Demand Curve

is a graphical representation that shows the relationship between the price of a good and the quantity of that good that consumers are willing to purchase.

Utility Maximization

The economic principle that individuals seek to obtain the greatest satisfaction or utility from their choices given their resources.

Marginal Utility

The additional satisfaction or usefulness gained from consuming one more unit of a good or service.

Income Effect

is the change in an individual's or economy's income and how that change will impact the quantity demanded of a good or service.