Unit 3
The profit maximizing equation
What is MC=MR?
If Product A has a cross-price elasticity of -1.1 in relation to product B, what Product A would be.
What is a strong complement of Product B?
Unlimited wants with limited resources
What is scarcity?
The full name of PPC
What is Production Possibilities Curve?
The full name of AD
What is aggregate demand?
The point at which firms should shut down
What is Below AVC?
What happens to price when demand shifts to the right.
What is rise?
The amount of benefit forgone when choosing to produce more of the second best option with the same resources.
What is opportunity cost?
Scarcity
What is unlimited wants with limited resources
The full name of AS
What is aggregate supply?
With increased production, what a firm will experience.
What is increased TC?
Where a price ceiling is found when it is effective
What is below market equilibrium?
The law that dictates that as you consume more of a product, each additional unit consumed produces less additional benefit.
What is diminishing marginal utility?
Mr. Jay's favorite NFL team
Who are the Chiefs?
Point outside the PPC
What is impossible to produce, possible to consume
The distance between TC and VC
What is FC?
The change in either price or quantity would be this when both supply and demand are shifted.
When a producer has a capacity to produce more of a product in the same time as another producer
What is Absolute Advantage?
Mr. Jay´s last name
Vranickar
AD shifts to the right, effect on MS
What is minimum efficient scale?
When XED of product A is equal to -999,999,999,999,999 in relation to product B, what product A would be of product B.
Strong compliment
When a producer has less opportunity cost than another producer for the same product.
Actual gross domestic product (inflation adjusted)
What is Real GDP?