Study guides, Class notes & Summaries

A demand curve: The income effect that results from a price change is given by: The table below shows the quantities demanded and quantities supplied for a good at various prices. The equilibrium price and quantity for the good above respectively equal: When price is below the market equilibrium price: The economic surplus to an individual from consuming a good is given by: A change in “demand” of a good is caused by ______________; a change in “quantity demanded” of a good is cause...

Suppose the market price of lobster suddenly increases substantially. We can expect that most lobstermen will: All of the following are characteristics of perfectly competitive markets except: In a firm’s production planning horizon, the “long-run” refers to Assume Firm A has half the fixed costs of Firm B, but they have the same variable costs and total revenue for all quantities. Which of the following statements is true? Suppose a barbershop that has fixed costs equal to $900/month ...

ECON 1002 Microeconomics Exam 2 Latest 2021 With Complete Solution ECON1002: Microeconomics Instructor: Qingbin Wang Exam2 Instruction: You have 115 minutes to finish the quiz. Please choose the most appropriate answer to each question and mark it in the Scantron answer sheet. Any answer in the problem set will NOT be graded. 1. If many people in a community install fire hydrants, the whole community benefits including those that did not install it. Therefore, not enough people may decid...

ECON 1002 Current Location: Quiz ­ Week 5 QP LATEST 2021

▪ Economically Trump became president because of 1) big corporations overseas. Taxes are more expensive here. 2) Certain groups get most advantages ((comparative advantages in reality) ▪ Trade, people at factories lost their jobs in Middle America. All coporations in east and west have done well. He won because people were angry this would continue. ▪ Average family income has no moved, went down. ▪ Comparative advantage- big thrust (TPP, NAFTA) Elasticity of Demand- how much deman...

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ECON-1002-3/MGMT-3503-3-Microeconomics questions and answers the correct answers are highlighted in green