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Microeconomics

This class was created by Brainscape user Georgia Cato. Visit their profile to learn more about the creator.

By: Georgia Cato
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Decks in this class (12)

Chapter 1 - Economic Issues and Concepts
What is productivity growth and s...,
Why is the population aging and w...,
What are some other issues of pre...
34  cards
Chapter 2 - Economic Theories, Data, and Graphs
What are normative statements,
Give an example of a normative st...,
What are positive statements
34  cards
Chapter 3 - Demand, Supply and Price
Differentiate quantity demanded a...,
Demand can be influenced by 6,
The price of a product and the qd...
39  cards
Chapter 4 - Elasticity
What is the law of demand and supply,
What is elasticity,
What is own price elasticity of d...
56  cards
Chapter 5 - Price Controls and Market Efficiency
Give 2 situations where govt fixe...,
What is a price floor,
A binding price floor leads to ex...
19  cards
Chapter 6 - Consumer Behaviour
What is utility,
What is marginal utility,
What is diminishing marginal utility
30  cards
Chapter 7 - Producers in the Short Run
What are the 4 types of inputs fo...,
What is the production function,
How do you calculate profits
54  cards
Chapter 8 - Producers in the Long Run
In the short run at least one fac...,
In the long run all inputs are _,
What is technical efficiency
39  cards
Chapter 9 - Competitive Markets
What is market structure,
What is market power,
A market is said to be _ when its...
42  cards
Chapter 10 - Monopoly, Cartels, and Price Discrimination
Differentiate monopoly and monopo...,
What is a monopolists dc,
Give the equation for total reven...
30  cards
Chapter 11 - Imperfect Competition and Strategic Behaviour
What can an industry with many sm...,
What is a highly concentrated ind...,
What is monopolistic competition
21  cards
Chapter 16 - Market Failures and Government Intervention
What is allocative efficiency,
What is market failure,
What is an externality
13  cards

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Microeconomics

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