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...
[Show more]
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...
Preview 2 out of 9 pages
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 ...
Preview 2 out of 6 pages
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...
Preview 2 out of 6 pages
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 -...
Preview 1 out of 4 pages
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...
Preview 2 out of 11 pages
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...
Preview 1 out of 4 pages
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...
Preview 1 out of 4 pages
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...
Preview 2 out of 14 pages
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 ...
Preview 1 out of 3 pages
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...
Preview 2 out of 10 pages
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...
Preview 1 out of 3 pages
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...
Preview 2 out of 15 pages
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...
Preview 2 out of 11 pages
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 ...
Preview 1 out of 4 pages
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...
Preview 3 out of 30 pages
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...
Preview 1 out of 2 pages
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...
Preview 2 out of 6 pages
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...
Preview 1 out of 2 pages
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...
Preview 2 out of 9 pages
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...
Preview 1 out of 4 pages
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...
Preview 2 out of 9 pages
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...
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestSolver9. Stuvia facilitates payment to the seller.
No, you only buy these notes for $26.49. You're not tied to anything after your purchase.
4.6 stars on Google & Trustpilot (+1000 reviews)
77254 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now