Miscellaneous Quiz / Microeconomics 1101 Terms

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Can you name the Microeconomics 1101 Terms ?

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

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Created Dec 17, 2009ReportFavoriteNominate
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