Econ 205 final exam Study guides, Class notes & Summaries

ECON 205 Final Exam __ Well Passed!!

Oligopoly - -A market structure in which a small number of interdependent firms compete -Marginal revenue =marginal cost - -Firms maximize profit by producing where -Game theory - -Analyses completion/ business strategies among oligopolists -40% - -A concentration ratio greater that what percent indicates the an industry is an oligopoly -Concentration ratios - -Published every 5yrs shows sales of four largest firms/ do not include foreign firms

a measure of how responsive the quantity demanded is to a change in price - -elasticity of demand -Elasticity rule: If two linear demand (or supply) curves run through a common point, then at any given quantity the curve that is _______ is more elastic. - -flatter -The fundamental determinant of the elasticity of demand is how easy it is to ________ one good for another. - -substitute -The fewer substitutes for a good, the ______ elastic the demand. - -less -The more substitutes for ...

Blackburn agrees with Butler that not all people act so as to maximize the intensity or duration of any specifc psychological state because: Question 1 options: Too many agents are irrational. Tha nos killed them all. There is too much diversity in the psychological states that agents have....

If a firm can only hire union members they are considered: - -A closed shop -Union work rules designed for increase the number of workers required to perform a job even though they may not be headed, refers to: - -featherbedding -If a firm can only hire union workers or non-union workers and no one is required to join the union they are considered - -Right to work states -Negotiations between workers and management regarding labor contracts is called: - -Collective bargaining

Econ 121 Final Exam Review ● Chapter 1 Quick Check: 1. Accounting is the information system that… 2. Which of the following is not an external user of a business’s financial system? 3. Generally Accepted Accounting Principles (GAAP) are currently formulated by the… 4. Which type of business organization is owned by only one owner? 5. Which of the following characteristics best describes a corporation? 6. Which of the following requires accounting information to be complete, ne...

ECON 205 FINAL EXAM STUDY GUIDE Exam #1 1. A resource is anything that: A) can be used in production. B) you pay for. C) is in scarce supply. D) can be consumed. 2. Scarcity in economics means: A) not having sufficient resources to produce all the goods and service we want. B) the wants of people are limited. C) there must be poor people in rich countries. D) economics are clearly not doing their jobs. 3. Opportunity cost is: A) about half of the monetary cost of a product. B) the doll...