Miscellaneous Quiz / Microeconomics 1101 Terms

Random Miscellaneous Quiz

Can you name the Microeconomics 1101 Terms ?

 Plays Quiz not verified by Sporcle

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

You're not logged in!

Compare scores with friends on all Sporcle quizzes.
Join for Free
OR
Log In

You Might Also Like...

Show Comments

Extras

Created Dec 17, 2009ReportNominate
Tags:description, term

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.

Report this User

Report this user for behavior that violates our Community Guidelines.

Details: