The Price is Economically Right

Bob Barker Hosting "The Price is Economically Right"

One day President Barack Obama visited Walter V. Long  for an assembly to teach the 4-5th graders about what Market Failure is. The teachers had been teaching their students on some parts about market failure, so when President Obama asked some questions, he was greeted with many raised hands. President Obama seeing that the kids were just too smart and that the assembly just would not last that long if he didn't change something quickly. So while he kept talking he had his secretary call in a surprise for the teachers and the kids. It didn't take long before all of a sudden there was a loud chopping noise and everyone ran outside to see what the noise was. Outside the wind had picked up tremendously, for there in the school parking lot was a landed helicopter. As everyone watched in anticipation for who it could possibly be President Obama's secret service was busy setting things up back in the assembly. The doors opened slowly and Bob Barker from the Price is Right stepped out of the helicopter and waved to everyone. The teachers were cheering half fainting while the kids seeing the teachers excitement soon started to jump up and down cheering in joy not really knowing why. After the excitement had finally died down and those who had fainted were woken up, and everyone was safely escorted back into the assembly, Bob barker walked in and shook hands with President Obama his face beaming. A little while after the game was ready to start and the assembly was all shouts and cheering. Bob had separated everyone in teams by the color of the real Price is Right shirts that he handed out to everyone. He had all of the kids write there names down on a sheet of paper and put them in there team's color hat. So that the kids wouldn't get to rowdy and that he wouldn't have to explain the rules since that was always the announcer guys job. He gave each team two teachers to be the team leaders. There job was to: explain the rules to there team members and make sure everyone understands them, once they were for sure that all the students understood them they were to sit their team's hat on a table that was set up in front of Bob. Once every teacher had set their team's hat down it was time to start the game! Bob walked onto the stage with a microphone in hand and smiling said those favorite words of so many fans. "Welcome to the Price is Right! We have here today the 4-5th grade students  of Walter V. Long getting ready to win some prizes!" As he said these words everyone looked behind them to find a whole camera crew filming them and many girls ran to the bathroom with makeup bags in hand nd the boys ran to the bathroom with combs in hand. Finally after 20 mins of waiting the teachers rallied all the students back to the seats and everyone was counted. Once they were sure that everyone was counted for Bob started again. "Oh Kay, now that everyone is looking there best for the camera we can start this special episode that we are filming live today!" Everyone cheered and clapped excitedly trying to make there best faces for the camera. Bob began "For this episode we will be changing the name to The Market Failure is right!". He soon had 4 kids up stage standing in front of a white board with markers in hand. "The first question is what is market failure?". Everyone waited so silently that you could here the squeaking of the chairs in the room as kids swayed back in forth in excitement and hopes of being picked next. Each child had a whole 5 mins to write their answers on the board before they had to put the markers down. Once the timer rang Bob first went to the yellow teams white board and read the answer out loud to everyone. "The nature and degree of competition among firms operating in the same industry". Some kids laughed but were soon shushed. "I'm so sorry Cindy but that is incorrect, but very close that is a market structure not a market failure". The little girl cried a little but held her head high and stood on the stage in silence. Then he went to the other teams and read their answers out loud and asked everyone in the crowd to pick who they thought was the right answer". The majority picked the red team who's answer was: " A market fails when there is not enough competition, when buyers and sellers are not well-informed about conditions and opportunities in a market, when resources are not free to move from one industry to another, that prices do not reflect the price of production". "Yes that is correct! Great job Jimmy your prize is a brand new amazing spider man doll that shoots out real webs!". Jimmy grabbed the toy out of Bob's hand and jumped up and down in happiness and ran off the stage almost falling a couple of times and sat with his team mates all smiles and bragging about how smart he was. "So now we are going to have the last 3 contestants step forward and instead of writing their answers they are going to say their answers to all of us the one who first presses the button that is front of them and gets it right gets the next prize!". "The next questions is... Describe how inadequate competition can to lead to a market failure". Team green hit their button first. " Inadequate competition tends to curb efficient use of scarce resourcesóresources that could be put to other, more productive uses if they were available." "Well what do you say to that everyone?" Bob asked the assembly. "Correct! Correct!" Kids and teachers were shouting. "Yep, that is right, you win a real model helicopter that really flies Tommy!" Tommy screamed happily and giggled grabbing the helicopter and the controller from Bob and hopped off of the stage right away flying the helicopter around the whole assembly, until a teacher got a hold of him and brought him back to his seat and calmed him down. "Okay, now for the last two left the next question is.... What are positive and negative externalities?" This time the yellow team hit the button first. "So would you like to try your luck again Cindy?" "Yes please Mr. Barker sir, the answer is... A negative externality is the harm, cost, or inconvenience suffered by a third party because of actions by others, A positive externality is a benefit received by someone who had nothing to do with the activity that generated the benefit" "Yes, Cindy that is correct! Your prize is a brand new hello kitty backpack great job!" She happily accepted her gift and waved to the camera and kissed Bob's cheek and walked off the stage holding her backpack up high. "Okay, so blue team this is the last question.... What are public goods?" "The answer is.... Public goods are products that are collectively consumed by everyone, and whose use by one individual does not diminish the satisfaction or value available to others." "Yes! Once again that is correct! Congrats Mary you have earned yourself a $100's for playing tell the very end and not giving up great job!" She happily accepted the prize tears running down her small red cheeks stuffing it in her pocket and running to her friends the teacher helped her find a safer place for it later. "Well this is the end students I have no more questions to ask so thank you for playing and have a great day!" As Bob and President Obama left they had to shake many hands until the finally got to the exit and waved good bye to everyone smiling.

The end Jennifer Walker
Thursday, November 1, 2012 9:49:43 AM, From: jim, To: Stories