ECON 1001 Final Exam | Questions and correct detailed
Answers | 2026/27 Updates | 100% correct
Correct
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Questions and Answers
, the output effect firm demand curve
Deadweight loss Nash equilibrium
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2 of 136
Definition
makrets whose payoffs are linked to whether an uncertain event occurs
- ex. Sports betting
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internal markets inelastic demand curves
prediction markets Quantity discounts
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3 of 136
Definition
type of competition in a market
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one short games market structure
efficient outcome economic surplus
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4 of 136
Definition
price discrimination by charging different prices to different groups of
people
insight 1: charge higher prices to groups that value the product more
insight 2: charge lower prices to groups that are price sensitive
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group pricing method marginal private cost
the discount effect Marginal principle
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5 of 136
, Definition
Complements = ( - ) cross-price elasticity
Substitutes = ( + ) cross-price elasticity
0 = independant
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Cross price elasticity of demand Production possibilites frontier (PPF)
Complement or substitutes
Policies to ensure competition thrives
elasticity
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6 of 136
Term
Normative analysis
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(the Coase theorem): if property rights are established and enforced, then
externality problems can be solved by private negotiating
loud music example: paying someone $5 to turn down their music
Answers | 2026/27 Updates | 100% correct
Correct
Incorrect
Questions and Answers
, the output effect firm demand curve
Deadweight loss Nash equilibrium
Don't know?
2 of 136
Definition
makrets whose payoffs are linked to whether an uncertain event occurs
- ex. Sports betting
Give this one a try later!
internal markets inelastic demand curves
prediction markets Quantity discounts
Don't know?
3 of 136
Definition
type of competition in a market
,Give this one a try later!
one short games market structure
efficient outcome economic surplus
Don't know?
4 of 136
Definition
price discrimination by charging different prices to different groups of
people
insight 1: charge higher prices to groups that value the product more
insight 2: charge lower prices to groups that are price sensitive
Give this one a try later!
group pricing method marginal private cost
the discount effect Marginal principle
Don't know?
5 of 136
, Definition
Complements = ( - ) cross-price elasticity
Substitutes = ( + ) cross-price elasticity
0 = independant
Give this one a try later!
Cross price elasticity of demand Production possibilites frontier (PPF)
Complement or substitutes
Policies to ensure competition thrives
elasticity
Don't know?
6 of 136
Term
Normative analysis
Give this one a try later!
(the Coase theorem): if property rights are established and enforced, then
externality problems can be solved by private negotiating
loud music example: paying someone $5 to turn down their music
