Consumer sovereignty questionable

What can cause a shift in the demand curve?

Changes in price of substitute or complementary goods

Where does Allocative Efficiency occur?

Producing the right products aligning with consumer’s demand

When does Equilibrium occur in the Supply and Demand graph?

At the optimal price and quantity for a good or service

Treats all resource markets the same

studbud

Neoclassical Economic Theory

11 termsStudBud Administration10 plays

Imported from external platform

Flashcards11 cardsFPractice quizPHost liveL

Questions 11

Answers

1
Where does the Productive Efficiency occur?
At the minimum Average Variable Cost
The minimum Average Total Cost
Where price equals marginal cost
Goods and services helps to maximise utility at the maximum variable cost
2
What is a Weakness?
Analytical/Mathematical
Invisible hand of the market
Efficiency
Consumer sovereignty questionable
3
Which has higher Marginal Utilty ?
Answer Red
Diamonds
Water
Answer Blue
4
What does Marginalism emphasis?
Big adjustments
Medium adjustments
Small adjustments
no adjustments
5
What can cause a shift in the demand curve?
An explosion at a factory
Changes in price of substitute or complementary goods
Traveling to the mall to buy Air Jordan 1's
The change in the cost of production
6
Where does Allocative Efficiency occur?
At the minimum ATC
Producing the right products aligning with consumer’s demand
Achieved when one group does benefit at the expense of another group
Where price equals to Marginal Utility
7
What were some of the policy suggested?
Fiscal Policy
health and safety policy
code of conduct
druge and alchol polciy
8
Who is this SIGNIFICANT person?
Christian Sullivan
Carl Menger
Aryan Paul
Max Silverman
9
When does Equilibrium occur in the Supply and Demand graph?
At the highest point of the demand curve of the graph
At the point of the lowestest market price
At the optimal price and quantity for a good or service
At the highest point of the supply curve of the graph
10
What is a Strength?
Consumer assumed to be rational
Treats all resource markets the same
Measurement of marginal utility
Model assumes away people with no buying power
11
Who are the founders of Marginal Analysis?
David Brennan and Jerry Springer
Albert Einstein and Theodore Roosevelt
David Ricardo and Alfred Marshall
Carl Menger and William Jevons

Neoclassical Economic Theory Flashcards | StudBud