Miscellaneous Quiz / Microeconomics 1101 Terms

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Can you name the Microeconomics 1101 Terms ?

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

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