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Decks in this class (25)
Chapter 1 | Opportunity Cost, Scarcity, Trade
What is economics 1,
What is microeconomics 2,
What is scarcity 3
26
cards
Chapter 1 MCQ
You can t get everything you want...,
Scarcity is a not a challenge for...,
Economics does not focus on 2
14
cards
Chapter 2 | Law of Demand
Preferences 1,
Demand 2,
For any choice what you are willi...
11
cards
Chapter 2 MCQ
Demand is the same as wants t f 1,
Your willingness to pay for a pro...,
What you can afford is just about...
30
cards
Chapter 3 | Law of Supply
What does it really cost costs ar...,
Marginal cost 2,
Differences between smart supply ...
16
cards
Chapter 3 MCQ
When higher paying jobs are harde...,
Any smart business supply decisio...,
Any smart worker supply decision ...
30
cards
Chapter 4 | Demand and Supply
Whats a market 1,
Market 2,
Market information 3
30
cards
Chapter 4 MCQ
If customers are allowed to steal...,
The price should cover what it co...,
In order for price and quantity a...
30
cards
Chapter 5 | Elasticity
Elasticity 1,
Price elasticity of demand 2,
Formula for elasticity 3
33
cards
Chapter 5 MCQ
If you like pepsi and coke about ...,
Any elasticity value less than 1 ...,
The fewer substitutes available t...
30
cards
Chapter 6 | Government Policy Choices
Do prices or quantities adjust un...,
When price is fixed below market ...,
When price is fixed above market ...
25
cards
Chapter 6 MCQ
Fifty six percent of young worker...,
The following statement with whic...,
The following statement by the sh...
30
cards
Chapter 7 | Opportunity Costs, Economic Profits/Losses, Miracle of Markets
What accountants miss accounting ...,
Obvious costs explicit costs 2,
Depreciation 3
20
cards
Chapter 7 MCQ
Appreciation is the decrease in v...,
The opportunity cost of a self em...,
If you borrow money from your par...
30
cards
Chapter 8 | Pricing Power: Monopoly to Competition and In Between
Businesses aim for monopoly s eco...,
Monopoly 2,
Market power 3
26
cards
Chapter 8 MCQ
Monopolists have market power and...,
A worker who is the only one with...,
The only seller of a product or s...
30
cards
Chapter 9 | Pricing for Profits: Marginal Revenue and Marginal Cost
Is the price you see the revenue ...,
Marginal revenue 2,
Marginal revenue depends on marke...
23
cards
Chapter 9 MCQ
If your business decision results...,
Products that can easily be resol...,
To sell more monopolists must low...
30
cards
Chapter 9A IDEK
The demand curve for an individua...,
In the market structure of perfec...,
More gets you less costs and dimi...
24
cards
Chapter 10 | When Markets Fail: Natural Monopoly, Gaming, Competition & Government
0
cards
Chapter 10 MCQ
0
cards
Chapter 11 | Externalities, Carbon Taxes, Free Riders and Public Goods
Handcuffing the invisible hand ma...,
Negative externalities external c...,
Positive externalities external b...
31
cards
Chapter 11 MCQ
Social costs are sometimes ignore...,
Drivers impose a negative externa...,
Smokers impose a positive externa...
30
cards
Chapter 12 | Inputs, Income & Inequality
Incomes are determined by prices ...,
In input markets households are s...,
Income what you earn is a flow 3
44
cards
Chapter 12 MCQ
What you are worth in a market ec...,
If you earn 10 per hour and work ...,
Income is a stock of earnings rec...
30
cards
More about
E1000
- School York University
- Program type Undergraduate
- Course ECON1000
- Instructor Professor Seury
- Standards Unspecified
Microeconomics studies the decisions of individuals and firms to allocate resources of production, exchange, and consumption. Microeconomics deals with prices and production in single markets and the interaction between different markets but leaves the study of economy-wide aggregates to macroeconomics.
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