Econ 2001 - Study guides, Class notes & Summaries

Absolute advantage - one producer's ability to make more than another producer with the same quantity of resources accounting profit - profit calculated by subtracting the explicit costs from total revenue adverse selection - phenomenon existing when one party has information about some aspect of product quality that the other party does not have antitrust laws - laws that attempt to prevent oligopolies from behaving like monopolies asymmetric information - an imbalance in information t...

ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024

d. - In a perfectly competitive market, when the price is greater than the minimum average total cost for most firms, some will: a. exit until the price drops to equal minimum ATC b. exit until the price increases to equal minimum ATC c. enter until the price increases to equal minimum ATC d. enter until the price drops to equal minimum ATC a. - Perfect price discrimination: a. allows each customer to pay exactly what they are willing and able to pay b. maximizes consumer surplus c. mi...

ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024.

Resource - Any item, whether a gift of nature, the result of production, or the result of human effort, that is used to produce goods and services. land - all natural resources used in production labor - all physical and mental activity devoted to producing goods and services capital - the tools, equipment, machinery, and factories used in the production of goods and services entrepreneurial ability - the talent/ability to combine land, labor, and capital to produce goods and services ...

Sunk cost - a cost that has already been committed and cannot be recovered opportunity cost - whatever must be given up to obtain some item Factors of production - land, capital, labor, entrepreneurship, also known as limited resources or inputs Markets for... - Factors of production, goods and services, also known as outputs or unlimited needs Markets are... - Where you can buy or sell Land includes all... - Natural resources

ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024

Grade Details1.Question: In the Dornbusch-Fischer-Samuelson graph above, a uniform improvement in labor productivity in all the home country's industries would shift the A schedule and would lead to the export of a number of goods by the home country. Your Answer: upward; greater CORRECT upward; smaller downward; greater downward; smaller Points Received:2 of 2 Comments: 2. Question: The following Classical-type table shows the number of days of labor input required to obtain one uni...

User Glenn Hayden Course ECON-1002-3/MGMT-3503-3-Microeconomics2018 Spring Qtr 02/26-05/20-PT5 Test Exam - Week 3 Started 4/26/18 12:29 PM Submitted 4/26/18 12:56 PM Due Date 4/30/18 1:59 AM Status Completed Attempt Score Time Elapsed 100 out of 100 points 26 minutes out of 2 hours and 30 minutes Instructions Please answer each question below and click Submit when you have completed the Quiz. Results Displayed Submitted Answers, Correct Answers, Feedback A dem...

ECON 2001 QUIZ MARGINAL UTILITY, SUPPLY, DEMAND Q & A 2024.