micro final exam
#1. comparative advantage - the ability to produce a good at a lower opportunity cost than others can produce it. #2. opportunity cost - the highest valued alternative that must sacrificed as a re...
Spencer_Clark|5 years ago|±0|42 views
CH 1 MC Practice
#1. The problem of scarce resources means that in some cities there are not enough jobs could be solved if the unemployment rate fell is that there are not enough resources to satisfy pe...
melkojt|4 years ago|±0|196 views
Chapter 2 MC Practice
#1. Opportunity cost is defined only in terms of money spent as the value of all alternatives not chosen as the value of the best alternative not chosen as the difference between the benef...
melkojt|4 years ago|±0|190 views
Chapter 4 Practice MC
#1. The demand for a product is the amount that buyers purchase in the market buyers are willing to purchase at a given price sellers are willing to sell at a particular price buyers are w...
melkojt|4 years ago|±0|1,547 views
Chapter 15: Economic Regulation and Antitrust Policy
#1. Which of the following occurs if firms are able to restrict output and raise price? a. resources are misallocated b. wealth is shifted from consumers to government c. wealth is shifted fro...
ameezeee|5 years ago|±0|15,267 views
Chapter 9: Monopoly
#1. Anything that prevents new firms from competing on an equal basis with existing firms in an industry is called a barrier to entry.a.Trueb.False - a. True #2. A monopolist isa.one of a large num...
ameezeee|5 years ago|±0|16,719 views
Chapter 3: Economic Decision Makers
#1. Which of the four types of economic decision makers is most important? a. firms, because they produce all goods and services in the economy b. households, because they demand goods and service...
ameezeee|5 years ago|±0|3,528 views
Chapter 10: Monopolistic Competition and Oligopoly
#1. Firms may easily enter a monopolistically competitive market. a. True b. False - a. true #2. Product differentiation helps determine the slope of the demand curve facing a firm in monopolis...
ameezeee|5 years ago|±0|21,372 views
Supply, Demand, and Government Policies
#1. Price Ceiling - A legal maximum on the price at which a good can be sold #2. Price Floor - a legal minimum on the price at which a good can be sold #3. Tax Incidence - The manner in which the b...
Christine_Enderle|7 years ago|±0|50 views
Microeconomics Ch 15 Monopolistic Competition
#1. What are the similarities and differences in the characteristics of perfect competition and monopolistic competition - Similarities: Many firms and no entry barriers Differences: PC ha...
alexoneil|4 years ago|±0|26 views
#1. Excise tax - A tax on a specific commodity. A sales tax is an example of this. Examples of excise taxes are cigarettes, alcohol, gasoline, and gambling #2. Tax incidence - The incidence of a t...
alexoneil|4 years ago|±0|17 views
Unit 1 Test
First test in Micro Economics Definitions/Matching Multiple Choice True/False Mini Essay
heimantaryn|7 years ago|±0|110 views
Microeconomics Ch 13 Monopoly
#1. What is the definition of monopoly and what are the characteristics of a monopoly? Three of them - The seller has market power 1. One firm serving entire market, no competition 2. Firm se...
alexoneil|4 years ago|±0|81 views