eco mid-term 1
neel
[removed] the degree to which it alters the distribution of income. |
[removed] society has a tendency to overuse and thus abuse common resources. |
[removed] irrational behavior. |
[removed] new industrial uses for diamonds have been discovered. |
[removed] allocates resources efficiently and allows economic freedom. |
[removed] tendency of supply and demand to shift in opposite directions. |
[removed] the smaller will be the price elasticity of demand. |
[removed] product; financial |
[removed] producing the combination of goods most desired by society. |
[removed] people are selfish in their decision-making. |
[removed] buyer responsiveness to price changes. |
[removed] the use of the least-cost method of production. |
[removed] not applicable to economics, because economics deals with human beings. |
[removed] consumption goods. |
[removed] should substitute X for Y until the marginal utility per hour is the same for both products. |
[removed] macroeconomic phenomena, but not microeconomic phenomena. |
[removed] reduces product supply. |
[removed] a sudden and substantial expansion of consumer wants |
[removed] a consumer surplus of $12 and Nathan experiences a producer surplus of $3. |
[removed] are of limited use because they cannot be tested empirically. |
[removed] the industry is organized monopolistically. |
[removed] A + B + C + E + F. |
[removed] households are on the buying side of both product and resource markets. |
[removed] in addition to taking income from the citizenry, taxes also increase the rate of inflation. |
[removed] is below the equilibrium level. |
[removed] A only. |
[removed] consumers are largely unresponsive to a per unit price change. |
[removed] consumers are now willing to purchase more of this product at each possible price. |
[removed] product shortages will occur at the equilibrium price. |
[removed] those most likely to collect on insurance to buy it. |
[removed] the marginal utilities of stolen goods diminish as more of them are obtained. |
[removed] there is a $10 or 50 percent value gain. |
[removed] the ability-to-pay principle of taxation. |
[removed] the paradox of voting. |
[removed] Ben's statement is normative, but Holly's is positive. |
[removed] is a reality that underlies economic behavior. |
[removed] opportunity cost of additional cans or bottles of soft drink increase very rapidly. |
[removed] those most likely to collect on insurance to buy it. |
[removed] public choice theory. |
[removed] elasticity is constant along the curve. |
[removed] large private benefits compared to external benefits. |
[removed] there are many goods that are substitutes for bicycles. |
[removed] is the difference between the maximum prices consumers are willing to pay for a product and the lower equilibrium price. |
[removed] adopt more extreme views when seeking his or her party's nomination than when running against the other party's opponent. |
[removed] inflation is severe in this particular market. |
[removed] direct, inverse |
[removed] a tax on residential property |
[removed] the expansion of production necessitates the use of qualitatively inferior inputs. |
[removed] has no effect on health care consumption because aggregate costs are the same regardless of payment method. |
[removed] price falls and demand is inelastic |
- 11 years ago
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