Show:
Unit 1 (Yeah)
Unit 2 (Sorta)
Curves For Days
Unit 4 (More Curves)
Unit 5 (And Fun)
100
This flows from households to businesses through the factor market.
What is Factors of production (resources).
100
A situation in which consumer demand is sensitive to changes in price.
What is Elastic Demand?
100
The space between the ATC curve and the AVC curve represents this.
What is AFC?
100
Perfectly competitive industries should shut down when this condition is true.
What is P is less than AVC?
100
This is the gini coefficient for a country with perfectly equal income distribution
What is 0?
200
This is the problem faced by society's unlimited wants.
What is scarcity?
200
This situation is caused by a price ceiling, where quantity demanded exceeds quantity supplied.
What is shortage?
200
A price discriminating monopoly will produce up until these two things equal each other.
What is D = MC?
200
The demand curve for perfectly competitive industries is equal to these.
What is MR, AR, P?
200
THis is a government intervention for when there is a negative externality produced.
What is a per unit tax?
300
Pablo can either study, mow the lawn for $10, or paint the fence for $5. The opportunity cost of him studying is this.
What is $10?
300
This is the difference between the price a consumer is willing to pay and the price actually paid.
What is consumer surplus?
300
A perfectly competitive market makes no economic profit because these two things equal each other.
What is ATC and D?
300
A monopolistically competitive firm makes this type of profit in the long run.
What is Normal Profit?
300
These are TWO characteristics of a private good
What is rival and exclusive?
400
This is the law describing the rationale behind the down sloping demand curve.
What is the Law of Diminishing Marginal Utility?
400
This is the difference between accounting profit and economic profit.
What is Implicit costs?
400
Profit maximization will always be where these two things equal each other.
What is MC and MR?
400
because a monopolist produces at P > MC, it is not this.
What is allocatively efficient?
400
This is the date of your graduation. *Cries in spanish*
What is May 24th!
500
A country has a comparative advantage in the production of a good if this is true.
What is having a lower opportunity cost?
500
the Cross-Price Elasticity of these two goods is negativethe Cross-Price Elasticity of these two goods is negative
What are Complement Goods?
500
This is the relationship between the Demand curve and the marginal revenue curve.
What is MR is always lower than D.
500
Relationships between oligopolist firms are characterized by this principle.
What is mutual interdependence (Game Theory)?
500
This is the number of of multiple choice questions on your AP Exam/
What is 60?