Eco 201 Study guides, Class notes & Summaries

ECO 201 Miami University Exam 3

market Answer a group of buyers and sellers of a good or service and the institution or arrangement by which they come together to trade economic assumptions (3 of them) Answer people are rational people respond to economic incentives optimal decisions are made at the margin economics Answer the study of the choices consumers, business managers, and government officials make to attain their goals, given scarce resources economic models Answer simplified versions of reality used to ana...

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ECO 201 Dr. Elliott Exam 3 Questions And Answers Profit - ANS Regardless of market type, firms are all about Profit - ANS Revenue-Costs Revenue - ANS -Amount of money the firm brings in -Price times quantity sold Cost - ANS Amount the firm pays to produce the good Maximizing profits - ANS Firms are all about Accounting Cost - ANS -Visible costs -Costs of land, labor, and capital Economic Cost - ANS -Visible costs -Opportunity cost of capital a...

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ECO 201 Miami University Exam 3 Questions with Verified Answers (GRADED A).