Microeconomics wgu exam - Study guides, Class notes & Summaries

WGU C718 Microeconomics Exam With 100% Correct Answers 2023

WGU C718 Microeconomics Exam Questions With 100% Correct Answers 2023

Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin - Correct the current level of an activity choice at the margin - Co...

WGU- C718 Microeconomics Exam With 100% Correct Answers 2023 Marginal thinking what's next/ additional action Normal good (regular) a good that consumers demand more of when their incomes increase. Ex: "I'm still going to buy gas b/c I need it" Inferior good (luxury) a good that consumers demand less of when their incomes increase ex: I'm not going to buy as much ramen when I'm ballin' Price elasticity of demand a measure of the sensitivity of demand to changes...

Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin - Correct the current level of an activity choice at the margin - Co...

Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin - Correct the current level of an activity choice at the margin - Co...

WGU C718 – Microeconomics Exam Questions With 100% Correct Answers 2023

WGU D089 Principles of Economics Exam Study Guide which principle of economics does the $6 price from the China vendor represent if the company decides to produce the sheet set in its Mexico facility -principle 2:cost is determined by what is given up also known as opportunity cost which economic system is represented by thr governments actions to regulate the production of ABC company's products -mixed which economies have characteristics of all the economic systems with market syst...

Economics - Correct the study of how humans make decisions in the face of scarcity 3 basic economic questions - Correct What to produce? How to produce? For whom to produce? opportunity cost - Correct measures cost by what is given up in exchange; opportunity cost measures the value of the forgone alternative How do economists assume individuals make choices? - Correct whatever will serve their own self-interest margin - Correct the current level of an activity choice at the margin - Co...

WGU C201 Business Acumen Chapters 3 & 7: Economics and Organizational Structure. Exam Review. Graded A+ Factors Influencing Demand - -Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. Factors of Production - -Natural resources, capital, human resources and entrepreneurship. What is the key factor influencing demand? - -Price Demand Curve - -A graph of the amount of a product bu...