At Ultrinsic.com, students pay a small entry fee to compete in
grades-based contests for cash prizes....
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Economics
At Ultrinsic.com, students pay a small entry fee to compete in
grades-based contests for cash prizes. Suppose that 10 students
from your economics class each pay $80 to enter a grades-based
contest. This would create a $800 prize pool. An equal share of the
$800 pot is awarded at the end of the term to each contestant who
earns an A in the course. If four students earn A’s, each receives
$200. If only one student earns an A, that person gets the entire
$800 pot. What economic concept does Ultrinsic.com use to encourage
participants to learn more and get better grades?
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