Micro 3
microeconomics
microeconomics
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the percentage change in quantity demanded divided by the percentage change in price is called
elasticity
at the midpoint formula, elasticity changes along a ...
straight line demand curve
elastic demand ... is bigger and dominates
inelastic demand .. is bigger and dominates
name the determinants of demand elasticity
what is the expected relationship between long run and short run demand?
price rise
what is a measure of the responsiveness of demand to changes in income?
income elasticity of demand
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
what is measure to response of labour supplied to a change in the price of labour?
elasticity of labour supply
what is the measure of the respone of quantity of a good supplied to a change in price of that good?
elasticity of supplies
in output markets the elasticity of supply is likely to be...?
positive
name the three household choices
what is "the limits on household choices by income, wealth and product prices" called?
budget constraint
what is a set of options that is defined and limited by a budget constraint?
opportunity set
when the price of a good decreases, the budget constraint swivels to the...
right
when the budget constraint swivels to the right, it means that there are more...?
opportunities and choice
what is :"additional satisfaction gained by the consumption or use of one more unit"?
marginal utility
what is : "total amount of satisfaction obtained from consumption of a good or service"?
total utility
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
total utility stops rising when maringal utility is
0
which 2 groups of goods are there?
goods for consumption and goods for production
which is not a feature of scarce goods?
what two kinds of price are there?
absolut and real
which price type is mostly used in economics?
real prices
real prices are...?
How do you measure real prices?
what is a perfectly competitive market?
many buyers and sellers, no single entity has influence on the price
what is a monopoly or oligopoly?
few producers many buyers
what is a noncompetitive market?
producerse jointly influence price
what is the extent of a market?
geographical and product range produced and sold
which two reasons are important for market definition
find actual and potential customers and public policy
what can happen in not perfectly competitive markets?
providers can charge different prices for the same products
what helps customers to decide on a product in a not perfectly competitive market?
brand loyalty, or offers
wrong or right? " Market prices fluctuate over time?"
MICRO OR MACRO? Production output in individual businesses or industries
MICRO OR MACRO? Price of individual goods and services
MICRO OR MACRO? Distribution of wealth and income
MICRO OR MACRO? Employment by individual businesses and industries
MICRO OR MACRO? National production / output
MICRO OR MACRO? Aggregate price level
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total utility stops rising when maringal utility is
0
