Unit 1 Basics Economics
Unit 2 Supply, Demand, and Consumer Choice
Unit 3 Costs of production and perfect competition
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Perfect Competition
Perfect Competition
More Production Costs
100
The study that focuses on firms, households, and individuals is known as
What is microeconomics?
100
In order to have Demand, these two aspects must exist for a Consumer
What is Willing and Able
100
market in which buyers and sellers are numerous and well informed that all elements of monopoly are absent.
What is perfect competition?
100
MR=D=AR=P stands for
What is Marginal Revenue, Demand, Average Revenue and Price
100
The formula for Total Costs
What is FC + VC
200
"Other things being equal."
What is Ceteris Paribus?
200
The point where the demand and supply curve intersect
Market Equilibrium
200
Long Run Profit is what kind of Efficiency
What is Allocative and Productive
200
Firms do these two things in the Long Run
What is Enter or Exit the Market?
200
As you add more of a variable input to a fixed input, the addtl output you get will eventually decrease is known as
what is the Law of Diminishing Marginal Utility
300
An economic system where the government has total control
What is Command Economy?
300
The relationship between Price and Qty on the Demand Curve
What is inverse
300
The Marginal Cost Curve Above Min AVC
What is PC Supply Curve?
300
The Market that most approximates a Perfectly Competitive Industry
What is Agriculture
300
The cost advantages that arise when a company increases its production volume leading to lower average costs per unit
What are Economies of Scale
400
Land, Labor, Capital, and entrepreneurship is also known as the...
What is the four factors of production
400
the Cross-Price Elasticity of these two goods is negative
What are Complement Goods?
400
Short run shutdown rule
Long run exit rule
P<AVC
400
The fall in total surplus that results from a market distortion, such as a tax, and is a loss of economic efficiency
What is Deadweight
400
What kind of profit is calculated when we subtract both Implicit and Explicit Costs from TR?
What is Economic Profit?
500
As the production of one good increases, producers must sacrifice ever-increasing amounts of the other goods because factors of production are not perfectly interchangeable between the production of both goods
What is Law of Increasing Opportunity Costs?
500
The Elasticity of Demand = 1
What is Unit Elastic?
500
A tax that is a fixed amount, no matter the change
What is a lump sum tax
500
The Socially Optimal Price is _____ on a Perfect Competition graph
P=MC
500
The Long Run Point on the graph as shown is
What is Point C?