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40 Cards in this Set

  • Front
  • Back
the fundamental problem of economics is?
the scarcity of resources relative to human wants
the four factors of production are?
Land labor capital and entrepreneurship
opportunity costs may b defined as
the good and services that are forgone in order to obtain something else.
a production possibility curve indicates ?
the maximum combinations of good and services given its available resources and technology
which determinant of demand changes in the personal computer market as more consumers are laid off from their work and cannot use the internet
the amount of satisfaction from consumption of an additional unit of a good or service is
marginal utility
price elasticity of demand is deined as
percentage change in quantity demanded divided by the percentage change in price
production function
is a technological relationship between factors of production and output.
the diffrence between total revenue and total cost
the market value of all resources used in producing a good or service is expressed by
total cost
in short run, when a firm produces zero output total costs equals
fixed cost
which of the following would most liekly be a fixed cost.
property insurance because it doesnt change in production process and is constant
which of the following is equivalent to ATC
equation for profit is
(P X Q) - TC
if a firm can change market prices by altering its output then it has
market power
a competitive firm is one
whose output is so small relative to the market supply that is has no effect on market price
the demand curve confronting a competitive firm
equals the marginal revenue curve
profit per unit equals
if economic profit are earned in a competitive market then over time
additional firms will enter the market
which of the following is a barrier to entry
control of distribution outlets
well-established brand loyalty
all the above
control of distribution outlets
well-established brand loyalt
in a competitive market
neither buyer nor seller have market power
which of the follwoing is true for a monopolist
1faces a downward slope
2it must lower its price on all of its units to sell additional units
3, its marginal revenue is below its demand curve.
all the above
all the above
the demand curve faced by an individual monopolist
is the same as the market demand curve
price discrimination allows a producer to
obtain greater total revenue, obtain higher profits, charge both higher and lower price- all the above
obtain greater total revenue, obtain higher profits, charge both higher and lower price- all the above
which of the following may characterize an oligopoly
a few firms, high barriers to entry, significant market power, all the above
a few firms, high barriers to entry, significant market power, all the above
if an oligopolist is going to change its price or output, its initial concern
- the repose of its competitors
oligopolists will maximize total profits for all of the firms in the market at the rate of output where
MR=MC for the market
if a monopolistically competitive firm raises its price it will
if a monopolistically competitive firm raises its price it will
which of the following problem is associated with output regulation of a natural monopoly
loss of quality
the case for deregulation of an industry rests on the argument that
regulations are most costly to implement than the market failure that is to be corrected
13 the reason pollution occurs is because people trend to
maximize their personal welfare balancing private benefits against private costs
14 the pursuit of a pollution-free environment is
probably not in society’s best interest, in view of the extremely high opportunity costs
individual farmers cannot influence market prices because
- they have no market power
in order to continue earning an economic profit, individual farmers must
- continue to improve their productivity
derived demand means increase in someone’s wages as a result of
- increase in demand of goods the worker produces
when the minimum wage is raised in a competitive market, ceteris paribus
some workers are better off and some workers are worse off
the trend in the us toward the merger of unions is driven by the labor movements’s desire to
enhance their political power
12 the purpose of the initial public offerings is to
- raise funds for investment and growth by selling shares of the company to the public
the us federal tax system results in a slight reduction in inequality of after
tax income because- of the progressive nature of the federal income tax
social security benefits paid by the federal government
are in-kind transfers financed by taxes on workers and employers.