Economics Basics 2

Which of the following is a variable cost?

Makes assumptions about individuals and their behavior...

Which area on the graph is total producer surplus?

The graph shows....

The cost of producing one more of a good or service?

Which area on the graph shows consumer surplus?

The utility gained from "one more of" a good or service

Which of the following is the formula for total revenue?

Fracking that causes people's water to combust is an example of....

If the world price for a good is lower than the domestic price this creates....

If a demand curves shifts left, what happens to price?

In a perfect market, how many equilibrium prices are there?

Uses cost-benefit analysis to make a choice...

The total surplus of a market is....

The graph shows....

Price floors create....

When competitive markets do not produce socially desirable outcomes this is called...

The graph shows...

Who wrote "An inquiry into the Nature and Causes of Wealth of Nations" 1776?

Summarizes and economy's production options...