Econ final

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22 Terms

1

What is MRDARP?

Marginal Revenue=Demand, Average Revenue, Price

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2

Jacob Clifford’s favorite band

ACDC

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3

Marginal Cost curve shape

Nike logo

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4

Profit maximizing formula for all firms

MR=MC

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5

Wheels go round and round vehicle

Bus

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6

Who is confronted by problem of scarcity?

Society

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7

What is opportunity cost?

The cost when a decision is made

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8

What does the law of demand state about price and quantity?

There is an inverse relationship between price and quantity

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9

What makes a good inferior?

Demand increases when income falls

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10

How does the change in price affect a complementary good when it changes?

Direct relationship

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11

What is the equation for profit?

TR-TC

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12

If looking at a table of total labor of each worker, how do you find marginal product?

Change in product/Change in input

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13

How do you find the marginal cost on a table from 1 unit to 2

above-below

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14

What is the shut down rule

AVC> price

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15

How do you compute total value when given price and quantity?

PxQ

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16

If there are two people in a prisoner’s dilemma and they have the choice to confess or not confess, what is their dominant strategy?

both confess

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17

What type of profit do monopolies make in the long run?

Economic

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18

Why is factor demand called “derived demand”?

Demand for resources is dependent on the product produced

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19

What is it called when you have to pick one option out of many?

A trade-off

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20

Formula for comparative advantage

Opportunity cost/units gained

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21

Why do we have to make choices?

Scarcity

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22

What is it called when you pay someone to do something?

Incentive

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