Econ2: Microeconomics

Products that are collectively consumed by everyone.

Which of these things is likely to increase demand?

What happens in the third stage of production?

A government payment to an individual, business, or group to encourage or protect a certain type of economic activity

Demand is the same as desire for something

The largest variable cost of almost every business is labor costs.

The philosophy that the government should leave business alone is called laissez faire.

Which of the following would be a likely to occur if the minimum wage was raised to $15?

Perfect competition requires identical products.

Which of the following products is the least elastic?

A supply curve can be created for one company or the whole market.

Rent payments are an example of

Which of the following industries is a natural monopoly that might benefit from government regulation?

There are two big soda companies that dominate the market. You could call that

Using pricing to determine who gets products results in high administrative costs.

What does unit elastic mean?

The extra usefulness a person gets from acquiring or using one more unit of a product is called opportunity cost.

Monopolistic competition and monopoly are the same.

If a purchase can be delayed, the product is likely to have inelastic demand.

Three of the following are true of rationing. Which statement is not true?

Which of the following would be likely to increase supply?

Three of the following are necessary for perfect competition

The part of economic theory that deals with behavior and decision making by people and firms.

A situation in which the average cost of production falls as the firm gets larger is called the enlargement effect.

In monopolistic competition, the one missing thing is identical products.

Which of the following would be most likely if a city passed a rent control law?

What is the relationship between price and demand?

What is the economic term for the extra cost incurred when producing one more unit of output?

If income goes up, demand is likely to go up too.

What was the name of the first anti-trust law?