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Microeconomics Final Exam
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Microeconomics Final Exam
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25 Questions

1. Behavior In Market Affects Someone Not In The Market

2. Tax On The Property You Own

3. Describe The Behavior Of The Buyers (Demand) And The Sellers (Supply)

4. If Ei Is _________ Then It Is An Inferior Good

5. If The Price Goes Up - The _______ _________ Increase As Well (Causes A Move Along The Supply Curve)

6. All Else Equal - The Quantity Demanded Of A Good Falls When The Price Of A Good Rises

7. A Graph That Shows The Relationship Between Price And Supply

8. A Firm Should Close If Price Is Less Than Average Variable Cost

9. Opportunity Costs That Aren't Direct

10. Pb-_______=Ps

11. As The Number Of Buyers Increases - The Demand Will _______ (Shift ________

12. Economic Decision Making Is ______; Always Thinking About Adding The Next Unit

13. Quantity Is Sensitive To The Change In Price

14. P*-ps ; The Money Lost By Sellers Due To Tax

15. Focusing On Your Special Skills When Collaborating With Others

16. There Is A Decreasing _____ ______ __ _______ When The Slope Is Getting Flatter; Each New Worker Is Producing Less Than The One Before It

17. Price Change For The Buyer

18. The Cost Something Is What You Give Up To Get It

19. Where The Long Run Average Cost Scale Mets The Marginal Cost Curve

20. Workers Should Focus On The Product That They Are Able To Produce Better (Based On Comparative Advantage)

21. Firm ____ _____ (Above Ps) Is Determined By The Marginal Cost Curve

22. The Burden Of The Tax That Falls On The Producer And The Consumer (P-ps And Pb-p); How The Tax Is Shared By The Producer And The Consumer

23. _________ Models Have No Deadweight Loss - happens When The Price Floor Is Below Or Price Ceiling Is Above P* - has No Effect On Equilibrium

24. Trade Depends On _______ Advantage

25. Monopolies Are Market Makers

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