1 Exam (elaborations) AP Microeconomics Prep Exam Questions With All Correct Answers 2024. 2 Exam (elaborations) IB Economics Microeconomics Midterm Exam Questions With Correct Answers 2024. 3 Exam (elaborations) IB Microeconomics definitions Test Quizess With Actual Solutions 2024. 4 Exam (elab...
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Microeconomics - Answer the study of how households and firms make decisions and how they interact in markets Macroeconomics - Answer the study of economywide phenomena, including inflation, unemployment, and economic growth Scarcity - Answer the limited nature of society's resou...
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Add to cartMicroeconomics - Answer the study of how households and firms make decisions and how they interact in markets Macroeconomics - Answer the study of economywide phenomena, including inflation, unemployment, and economic growth Scarcity - Answer the limited nature of society's resou...
Equilibrium - Answer Quantity demanded Qd(P) = Quantity supplied Qs(P) Why is the demand curve downward sloping? - Answer You can only add buyers because anyone willing to buy at a higher price is still willing to buy at a lower price. Why is the supply curve upward sloping? - Answer As ...
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Add to cartEquilibrium - Answer Quantity demanded Qd(P) = Quantity supplied Qs(P) Why is the demand curve downward sloping? - Answer You can only add buyers because anyone willing to buy at a higher price is still willing to buy at a lower price. Why is the supply curve upward sloping? - Answer As ...
Perfect Competition - Answer Many buyers and sellers The goods offered are largely the same Firms can freely enter or exit the market Price Taker - Answer Takes the price as given Pric e per unit sold is constant because there are many buyers and sellers, and the goods offered are the sam...
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Add to cartPerfect Competition - Answer Many buyers and sellers The goods offered are largely the same Firms can freely enter or exit the market Price Taker - Answer Takes the price as given Pric e per unit sold is constant because there are many buyers and sellers, and the goods offered are the sam...
Scarcity - Answer the condition of having to choose among alternatives scarce good - Answer one for which the choice of one alternative requires that another be given up free good - Answer one for which the choice of one use does not require that we give up another. opportunity cost -...
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Add to cartScarcity - Answer the condition of having to choose among alternatives scarce good - Answer one for which the choice of one alternative requires that another be given up free good - Answer one for which the choice of one use does not require that we give up another. opportunity cost -...
want - Answer anything you would like irrespective of whether you have the ability to purchase it. need - Answer basic requirements for human survival scarcity - Answer a situation where there are insufficient resources to meet all wants choice - Answer the selection of an option fo...
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Add to cartwant - Answer anything you would like irrespective of whether you have the ability to purchase it. need - Answer basic requirements for human survival scarcity - Answer a situation where there are insufficient resources to meet all wants choice - Answer the selection of an option fo...
scarcity - Answer a situation in which unlimited wants exceed the limited resources available to fulfill those wants economics is the study of _______ people make to attain their goals given their scarce resources - Answer choices people are _______. people respond to _________. optimal de...
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Add to cartscarcity - Answer a situation in which unlimited wants exceed the limited resources available to fulfill those wants economics is the study of _______ people make to attain their goals given their scarce resources - Answer choices people are _______. people respond to _________. optimal de...
demand curve - Answer graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time change in demand - Answer consumers demand different amounts at every price, causing the demand curve to shift to the left or the right change in quan...
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Add to cartdemand curve - Answer graph showing the quantity demanded at each and every possible price that might prevail in the market at a given time change in demand - Answer consumers demand different amounts at every price, causing the demand curve to shift to the left or the right change in quan...
Microeconomics - Answer a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources Economics - Answer the social science that describes the factors that determine the production, distribution and consumption of go...
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Add to cartMicroeconomics - Answer a branch of economics that studies the behavior of individuals and firms in making decisions regarding the allocation of limited resources Economics - Answer the social science that describes the factors that determine the production, distribution and consumption of go...
Accounting Profit - Answer Total revenue a firm receives minus its explicit costs. Economic profit plus normal profit. Average Fixed Cost (AFC) - Answer Fixed cost divided by the quantity of a firm's output. Decreases at decreasing rate as output rises. Average Total Cost (ATC) - Answer ...
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Add to cartAccounting Profit - Answer Total revenue a firm receives minus its explicit costs. Economic profit plus normal profit. Average Fixed Cost (AFC) - Answer Fixed cost divided by the quantity of a firm's output. Decreases at decreasing rate as output rises. Average Total Cost (ATC) - Answer ...
Perfectly competitive market - Answer A market that meets the conditions of (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market. Demand schedule - Answer A table showing the relationship between the price of a product and...
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Add to cartPerfectly competitive market - Answer A market that meets the conditions of (1) many buyers and sellers, (2) all firms selling identical products, and (3) no barriers to new firms entering the market. Demand schedule - Answer A table showing the relationship between the price of a product and...
Average Fixed Cost - Answer (1) TFC÷Qs (2) ATC − AVC (Quantity supplied to market by producers) Average Variable Cost - Answer (1) TVC÷Qs (2) ATC − AFC Average Total Cost - Answer AVC + AFC Average Product - Answer TP÷Units of Labor Marginal Cost - Answer ∆ in T...
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Add to cartAverage Fixed Cost - Answer (1) TFC÷Qs (2) ATC − AVC (Quantity supplied to market by producers) Average Variable Cost - Answer (1) TVC÷Qs (2) ATC − AFC Average Total Cost - Answer AVC + AFC Average Product - Answer TP÷Units of Labor Marginal Cost - Answer ∆ in T...
Economics - Answer Study of how we handle scarcity and study of how we exchange goods and services. Positive economics - Answer Objective economic analysis Normative economics - Answer Non-objective, expresses value judgements. Scarcity - Answer The idea that explains that nothing i...
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Add to cartEconomics - Answer Study of how we handle scarcity and study of how we exchange goods and services. Positive economics - Answer Objective economic analysis Normative economics - Answer Non-objective, expresses value judgements. Scarcity - Answer The idea that explains that nothing i...
absolute advantage - Answer the ability to produce a good using fewer inputs than another producer average fixed cost (AFC) - Answer Total fixed cost divided by the number of units of output; a per-unit measure of fixed costs. AFC = FC/Q average total cost (ATC) - Answer Total cost divid...
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Add to cartabsolute advantage - Answer the ability to produce a good using fewer inputs than another producer average fixed cost (AFC) - Answer Total fixed cost divided by the number of units of output; a per-unit measure of fixed costs. AFC = FC/Q average total cost (ATC) - Answer Total cost divid...
In economics, we assume that our wants and needs are ___________ our ability to satisfy them - Answer greater than Which of the following best describes what economists assume is true about human behavior? - Answer People make rational decisions about how to allocate scarce resources and are ...
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Add to cartIn economics, we assume that our wants and needs are ___________ our ability to satisfy them - Answer greater than Which of the following best describes what economists assume is true about human behavior? - Answer People make rational decisions about how to allocate scarce resources and are ...
Microeconomics - Answer The study of the behaviour (supply and demand) of individual markets Scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants Factors of production - Answer All the economic resources (input) necessary to...
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Add to cartMicroeconomics - Answer The study of the behaviour (supply and demand) of individual markets Scarcity - Answer A situation in which unlimited wants exceed the limited resources available to fulfill those wants Factors of production - Answer All the economic resources (input) necessary to...
law of diminishing marginal utility - Answer As the quantity of a good consumed increases, the extra satisfaction gained decreases utility - Answer Ability or capacity of a good or service to be useful and give satisfaction to someone. total utility - Answer The total amount of satisfact...
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Add to cartlaw of diminishing marginal utility - Answer As the quantity of a good consumed increases, the extra satisfaction gained decreases utility - Answer Ability or capacity of a good or service to be useful and give satisfaction to someone. total utility - Answer The total amount of satisfact...
Price ceiling - Answer A legally determined maximum price that sellers may charge price floor - Answer a legally determined minimum price that sellers may receive consumer surplus - Answer the difference between the highest price a consumer is willing to pay and the price the consumer ac...
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Add to cartPrice ceiling - Answer A legally determined maximum price that sellers may charge price floor - Answer a legally determined minimum price that sellers may receive consumer surplus - Answer the difference between the highest price a consumer is willing to pay and the price the consumer ac...
monopoly - Answer a firm that is the sole seller of a product without close substitutes. Ex: the NFL, NBA. natural monopoly - Answer a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms. the output effe...
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Add to cartmonopoly - Answer a firm that is the sole seller of a product without close substitutes. Ex: the NFL, NBA. natural monopoly - Answer a monopoly that arises because a single firm can supply a good or service to an entire market at a smaller cost than could two or more firms. the output effe...
Determinants of Price Elasticity of Demand - Answer Availability of substitutes, Luxury or Necessity, The share of total budget, time dimension Availability of substitutes - Answer greater the number of substitutes, the more ELASTIC the demand, when all firms in a market produce products whic...
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Add to cartDeterminants of Price Elasticity of Demand - Answer Availability of substitutes, Luxury or Necessity, The share of total budget, time dimension Availability of substitutes - Answer greater the number of substitutes, the more ELASTIC the demand, when all firms in a market produce products whic...
Microeconomics is the study of the behaviour of individual markets - Answer Microeconomics Macroeconomics is the study of how an economy functions as a whole - Answer Macroeconomics Pleasure that an individual derives from the consumption of a good or service - Answer Utility shows th...
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Add to cartMicroeconomics is the study of the behaviour of individual markets - Answer Microeconomics Macroeconomics is the study of how an economy functions as a whole - Answer Macroeconomics Pleasure that an individual derives from the consumption of a good or service - Answer Utility shows th...
Scarcity - Answer the condition that results from limited resources combined with unlimited wants Opportunity Cost - Answer Cost of the next best alternative use of money, time, or resources when one choice is made rather than another Factors of Production - Answer resources of land, lab...
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Add to cartScarcity - Answer the condition that results from limited resources combined with unlimited wants Opportunity Cost - Answer Cost of the next best alternative use of money, time, or resources when one choice is made rather than another Factors of Production - Answer resources of land, lab...
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