UIUC econ 102 midterm3

0.0(0)
Studied by 0 people
call kaiCall Kai
learnLearn
examPractice Test
spaced repetitionSpaced Repetition
heart puzzleMatch
flashcardsFlashcards
GameKnowt Play
Card Sorting

1/5

encourage image

There's no tags or description

Looks like no tags are added yet.

6 Terms

1
New cards

Elasticity demand implies

That a one percent increase in price results in a larger than one percent decrease in quantity demanded

2
New cards

The theory that the price of a good is determined by its cost of production is called

The labor theory of value

3
New cards

The face value of money or income is called its ___ value

nominal

4
New cards

Economists assume that peopel are motivated by

Rational Self interest

5
New cards

If a price ceiling were established above the equilibrium price

It would have no effect on the quantity demanded

6
New cards

The typical