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MicroeconomicsTest1 Stats
Can you name the MicroeconomicsTest1?
By
kbartlow
20m
26 Questions
18 Plays
18 Plays
18 Plays
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Score
0/26
Timer
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Hint
Answer
% Correct
The price elasticity of demand is greater than one
Elastic demand
55.6%
If the income increases and is negative it is a what type of good
Inferior
55.6%
If the income increases and is positive it is a what type of good
Normal
50%
The satisfaction of experiences from consuming a good
utility
50%
The change in total utility from one additional unit of good
Marginal utility
50%
The price elasticity is infinite
Perfectly elastic demand
44.4%
A measure of the responsiveness of the quantity demanded to changes in price
Price elasticity of demand
38.9%
The price elasticity of demand is less than one
Inelastic demand
38.9%
the price elasticity of demand is one
Unit elastic demand
38.9%
The money a firm generates from selling its product
Total revenue
38.9%
The price elasticity of supply equals zero
Perfectly inelastic supply
38.9%
The price elasticity of supply is equal to infinity
Perfectly elastic supply
38.9%
One unit of elasticity
util
33.3%
Hint
Answer
% Correct
The price elasticity of demand is zero
Perfectly inelastic demand
27.8%
A measure of responsiveness of the quantity supplied to changes in price
Price elasticity of supply
27.8%
The line connecting the combination of two goods that exhaust a consumer's budget
Budget Line
27.8%
A measure of the responsiveness to changes in consumer income
Income elasticity of demand
22.2%
If consumers are very responsive to changes in price, the increase in price caused by excess demand will cause a large reduction in the quantity demanded
Highly elastic demand
22.2%
If producers are very responsive to changes in price, the increase in price caused by excess demand will cause a large reduction in the quantity demanded
Highly elastic supply
22.2%
As the consumption of a particular good increases, marginal utility decreases
Law of Diminishing Marginal Utility
22.2%
The change in quantity consumed that is caused by a change in real income, with relative prices held constant
Income effect
22.2%
The set of affordable combinations of two goods
Budget set
16.7%
Pick the combination of two activities where the marginal benefit per dollar for the first activity equals the marginal benefit per dollar for the first activity equals the margina
Equimarginal rule
16.7%
The change in quantity consumed that is caused by a change in the relative price of the good, with real income held constant
Substitution effect
16.7%
A measure of the responsiveness of demand to changes in the price of another good
cross-price elasticity of demand
11.1%
If the shift of the demand curve is relatively small, the gap between the new demand and the old supply will be relatively small
Small increase in demand
0%
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