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77 Exakte Antworten 0 Text Antworten 44 Multiple Choice Antworten

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Fenster schliessen

what is the expected relationship between long run and short run demand?

price rise
Fenster schliessen

 what is a measure of the responsiveness of demand to changes in income?

income elasticity of demand
Fenster schliessen

what is a measure to response of the quantity of one good demanded to a change in the proce of another good?

cross price elasticity demand
Fenster schliessen

what is measure to response of labour supplied to a change in the price of labour?

elasticity of labour supply
Fenster schliessen

what is the measure of the respone of quantity of a good supplied to a change in price of that good?

elasticity of supplies
Fenster schliessen

in output markets the elasticity of supply is likely to be...?

positive
Fenster schliessen

name the three household choices

how much of each product or output to demand?

how much labour to supply?

how much to spend today and how much to save for the future?

got 'em all!

Fenster schliessen

what is "the limits on household choices by income, wealth and product prices" called?

budget constraint
Fenster schliessen

what is a set of options that is defined and limited by a budget constraint?

opportunity set
Fenster schliessen

when the price of a good decreases, the budget constraint swivels to the...

right
Fenster schliessen

when the budget constraint swivels to the right, it means that there are more...?

opportunities and choice
Fenster schliessen

what is :"additional satisfaction gained by the consumption or use of one more unit"?

marginal utility
Fenster schliessen

what is : "total amount of satisfaction obtained from consumption of a good or service"?

total utility
Fenster schliessen

what is :"the more of any good consumed in a given period, the less satisfaction/utility generated by consuming each additional/marginal unit of the same good"?

law of diminishing marginal utility
Fenster schliessen

total utility stops rising when maringal utility is

0
Fenster schliessen

which 2 groups of goods are there?

goods for consumption and goods for production
Fenster schliessen

which is not a feature of scarce goods?

limited

has a price

can be found nearly unlimitedly

price gives information about degree of scarcity

Fenster schliessen

what two kinds of price are there?

absolut and real
Fenster schliessen

which price type is mostly used in economics?

real prices
Fenster schliessen

real prices are...?

the market price at the moment

adjusted for inflation

adjusted for interests

including taxes

net prices

Fenster schliessen

How do you measure real prices?

FFC & ABB

CPI & PPI

CDI & TDI

Fenster schliessen

what is a perfectly competitive market?

many buyers and sellers, no single entity has influence on the price
Fenster schliessen

what is a monopoly or oligopoly?

few producers many buyers
Fenster schliessen

what is a noncompetitive market?

producerse jointly influence price
Fenster schliessen

what is the extent of a market?

geographical and product range produced and sold
Fenster schliessen

which two reasons are important for market definition

find actual and potential customers and public policy
Fenster schliessen

what can happen in not perfectly competitive markets?

providers can charge different prices for the same products
Fenster schliessen

what helps customers to decide on a product in a not perfectly competitive market?

brand loyalty, or offers
Fenster schliessen

wrong or right? " Market prices fluctuate over time?"

Right

Wrong

Fenster schliessen

MICRO OR MACRO? Production output in individual businesses or industries

MICRO

MACRO