Cost curve graph Study guides, Class notes & Summaries
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WGU C201 Business Acumen Chapters 3 Question and answers rated A+ 2024
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WGU C201 Business Acumen Chapters 3 Question and answers rated A+ 2024 Factors Influencing Demand - correct answer Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. 
 
Factors of Production - correct answer Natural resources, capital, human resources and entrepreneurship. 
 
What is the key factor influencing demand? - correct answer Price 
 
Demand Curve - correct answer A graph...
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WGU C201 Business Acumen questions and answers
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WGU C201 Business Acumenbalanced budget 
situation in which total revenues raised by taxes equal the total proposed spending for the year. 
 
 
budget 
organization's plan for how it will raise and spend money during a given period of time. 
 
 
taxes, fees, and borrowing. 
The primary sources of government funds to cover the costs of the annual budget are 
 
 
budget deficit 
situation in which the government spends more than the amount of money it raises through taxes. 
 
 
budget surplus 
ex...
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100 Economics Terms Latest Update 100% Correct
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100 Economics Terms Latest Update 100% Correct Scarcity the limited nature of society's resources 
Economics the study of how society manages its scarce resources 
Efficiency the property of society getting the most it can from its scarce resources 
Equity the property of distributing economic prosperity fairly among the members of society 
Opportunity cost whatever must be given up to obtain some item 
Market economy an economy that allocates resources through the decentralized decisions of ma...
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WGU- C718 Microeconomics Exam With 100% Correct Answers 2023
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WGU- C718 Microeconomics Exam With 100% Correct Answers 2023 
Marginal thinking 
what's next/ additional action 
 
 
 
Normal good (regular) 
a good that consumers demand more of when their incomes increase. 
Ex: "I'm still going to buy gas b/c I need it" 
 
 
 
Inferior good (luxury) 
a good that consumers demand less of when their incomes increase 
ex: I'm not going to buy as much ramen when I'm ballin' 
 
 
 
Price elasticity of demand 
a measure of the sensitivity of demand to changes...
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ACCA - F5 Study Questions With Complete Solutions SPRING FALL-2023/24 EDITION GUARANTEED GRADE A+
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What are the 3+1 stages of absorption costing? 
1. Allocation 
2. Apportionment 
3. Absorption = Production Cost 
4. Under/over = Non prod OH 
Why would you use Absorption Costing? 
Valuing Inventory 
Pricing Decisions 
Establishing profitability 
What are pros and cons of absorption and marginal costing? 
Absorption 
-Avoids varying profits if sales are seasonal 
-Consistent with accounting standards 
-Recognises Long Run variable costs 
 
-Implies OH related to production 
= Manipulate profit ...
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Micro Econ Exam Questions Correctly Answered.
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Micro Econ Exam Questions Correctly Answered. 
 
 
A market with well-established rules and structure is a(n) _______ market. - CORRECT ANSWER formal 
 
Which of the following is consistent with the law of demand? - CORRECT ANSWER An increase in the price of hamburgers causes buyers to buy fewer hamburgers. 
 
The relationship between quantity demanded and price is a(n) _____ relationship. - CORRECT ANSWER inverse 
 
In understanding and analyzing "market demand," we focus on how much all buye...
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Economics Vocabulary Latest Update 100% Correct
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Economics Vocabulary Latest Update 100% Correct Scarcity The resources we use to produce goods and services are limited. 
Economics The study of choices when there is scarcity. 
Factors of Production The resources used to produce goods and services; also known as production inputs or resources 
Natural Resources Resources provided by nature and used to produce goods and services. 
Labor Human effort, including both physical and mental effort, used to produce goods and services. 
Physical Capital...
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WGU C957 Applied Algebra - Brandy actual exam with 100% correct answers(latest update)
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Asymptote 
a horizontal, vertical, or slanted line that a graph approaches but never touches 
 
 
 
coefficient of determination 
A statistic that measures how well a regression prediction approximates the real data points. An r^2 of 1 indicates that the regression prediction is a perfect fit for the data 
 
 
 
common ratio 
The number by which each term in a sequence is multiplied to find the next number in the sequence; for example 4 is the common ratio for the sequence [1, 4, 16, 64, 256...]...
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Principles of Microeconomics Exam Questions And Answers (Verified And Updated)
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Principles of Microeconomics Exam 
Questions And Answers (Verified And 
Updated) 
Scarcity - answera situation in which unlimited wants exceed the limited resources available 
to fulfill those wants 
shortage - answera situation in which the quantity demanded is greater than the quantity 
supplied 
microeconomics - answerthe study of how households and firms make choices, how they 
interact in markets, and how the government attempts to influence their choices 
macroeconomics - answerthe study o...
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ECON 102 Exam 1 Latest Update 100% Pass
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ECON 102 Exam 1 Latest Update 100% Pass Economic Analysis People making decisions economic wat of thinking 
Choices: Costs and Benefits Performing a certain economic action will increase our well-being if the benefits are greater than the costs (choices are the result of scarcity) 
Self Interest The pursuit of one's own goals (does not always mean increasing one's wealth; could also include prestige, friendship, love, and feeling good) 
Rationality Assumption The assumption that people do not ...
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