Miscellaneous Quiz / Microeconomics 1101 Terms

Random Miscellaneous Quiz

QUIZ: Can you name the Microeconomics 1101 Terms ?

Quiz not verified by Sporcle

Forced Order
Challenge
Share
Tweet
Embed
Score 0/84 Timer 20:00
DescriptionTerm
statements that attempt to describe the world as it should be
market where there are many buyers and sellers so that no one can can impact market price
the study of how society manages its scarce resources
the fall in total surplus that results from a market distortion, like a tax
variable cost/quantity of output
quantity of output that minimizes average total cost
% change in in quantity supplied/ % change in price
the amount that a buyer is willing to pay minus what he actually pays
graph that shows the combinations of output that the economy can possibly produce
when one person can affect the well-being of a bystander
costs that do not require an outlay of money
a good where an increase in income leads to and increase in demand
above-equilibrium wages paid by firms to increase worker productivity
total revenue/quantity sold
total cost/quantity of output
when a market fails to allocate resources efficiently
costs that vary with quantity of output
the value of everything a seller must give up to produce a good
law that that claims that the quantity of a good demanded falls when the price rises
a situation in which economic actors interacting with one another each choose their best strategy given strategies that all the other actors have chosen
when long-run average total cost falls as quantity of output increases
small incremental changes
whatever must be given up to obtain something
the ability to produce goods at a lower opportunity cost than another producer
the amount a seller is paid minus the cost of providing the good
making people take account of the external effects of their actions, like putting a take on pollution
price of a good times quantity sold. the total amount of money received by a seller
a group of firms acting in unison
DescriptionTerm
graph of the relationship between the price of a good and the quantity demanded
a good where an increase in income leads to a decrease in demand
two goods where an increase in the price of one leads to a decrease in the demand for the other
measure of how much the quantity demanded of a good responds to a change in the price of that good, computed as the percentage change in quantity demanded divided by the percentage
the equipment and structures used to produce goods and services
the value of inputs a firm uses in production
total revenue minus total cost
increase in output from additional unit of input
cost that require outlay of money
a situation where quantity supplied is greater than quantity demanded
an agreement among firms in a market about quantities to produce or prices to charge
a situation where quantity supplied equals quantity demanded
practice of selling the same good at different prices to different customers
law that claims that the quantity supplied of a good rises when the price of the good rises
measure of how much the quantity demanded of a good responds to a change in income. % change in quantity demanded/% change in income
increase in total cost from extra unit of production
offering different opportunities to similar individuals who differ by race, sex, ethnic group, etc.
manner in which the burden of a tax is shared among participants in a market
relationship between quantity of inputs and output of a good
statements that attempt to describe the world as it is
when one entity can affect the entire market
study of how people behave in strategic situations
when marginal product decreases as quantity of input increases
'game' between two captured prisoners that illustrates why cooperation is difficult to maintain even when it is mutually beneficial
investments in people, like education and job-training
table that shows the relationship the price of a good and quantity demanded
overall price increases
profit taking into account explicit and implicit costs
DescriptionTerm
change in total revenue from additional unit sold
a tax on imported goods
% change in the quantity demanded of one good/% change in price of another good
costs that do not vary with quantity of output
distributing economic prosperity uniformly
the amount of a good that sellers are willing and able to sell
a measure of the responsiveness of quantity demanded or supplied
firm that is a sole seller of a product without close substitutes
legal minimum price of a good
situation where quantity demanded is greater than quantity supplied
the ability to produce more goods per input than another producer
economy where households and firms interact in markets for goods and services
society getting the most it can from scarce resources
marginal product of an input times the price of an output
when long-run average total cost stays the same as quantity of output changes
the study of economy-wide phenomena
legal maximum price of a good
cost that has been committed and cannot be recovered
study of how households and firms interact in markets
when long run average total cost rises as quantity of output increases
the strategy that is best for one player in a game regardless of strategies chosen by other players
profit taking into account only explicit costs
a graph of the relationship between the price and quantity supplied of a good
two goods where an increase in the price of one leads to an increase in the demand for the other
market where only a few sellers offer similar products
tax designed to make people take account of social costs that arise from negative externalities
fixed cost/quantity of output
a difference in wages that arises to offset the nonmonetary characteristics of a different job

You're not logged in!

Compare scores with friends on all Sporcle quizzes.
Sign Up with Email
OR
Log In

You Might Also Like...

Show Comments

Extras

Top Quizzes Today


Score Distribution

Your Account Isn't Verified!

In order to create a playlist on Sporcle, you need to verify the email address you used during registration. Go to your Sporcle Settings to finish the process.