Ndsu econ 201 exam 4 - Study guides, Class notes & Summaries

NDSU ECON 201 EXAM 4 WITH COMPLETE SOLUTION...

NDSU Econ 201 Final Exam Questions with Revised Answers Updated We would definitely see an upward sloping demand curve for a a. normal good b. inferior good c. giffen good d. elastic good - Answer-c T or F: market prices give us an idea of the relative value of products - Answer-true A study is conducted involving variablees, number of people attending a water park, and the high temp for the day. Which is the independent variable a. number of people b. high temp - Answer-b THe...

NDSU ECON 201 EXAM 4 Questions with correct Answers why are perfectly competitive firms allocatively efficient? because price equals marginal cost Nate owns a tattoo parlor in downtown Fargo. on Sunday, he expects to bring in $200 in revenue and his costs are projected to be $440 for TFC and $325 for TVC. He will: earn a loss and should shut down for the day Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read M...

NDSU Econ 201 Exam 1 Questions and Answers Graded A+ Economics The study of how a society uses goods and services in the face of economic scarcity Absolute Scarcity When a country runs out of usable resources Previous Play Next Rewind 10 seconds Move forward 10 seconds Unmute 0:00 / 0:15 Full screen Brainpower Read More Economic Scarcity The concept that people have infinate wants and desires Commodities Satisfies people's wants a desires (goods and servi...