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Principles of Microeconomics 2e OpenStax Final Exam Review Questions And Answers. Verified and Updated. $12.49
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Principles of Microeconomics 2e OpenStax Final Exam Review Questions And Answers. Verified and Updated.
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Principles of Microeconomics 2e OpenStax Final Exam Review Questions And Answers. Verified and Updated. A price cut increases total revenue a firm receives if the demand is - answerelastic a union is economically beneficial if - answerit helps workers get pension benefits so they are less depe...

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  • August 5, 2024
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Principles of Microeconomics 2e OpenStax
Final Exam Review Questions And Answers.
Verified and Updated.

A price cut increases total revenue a firm receives if the demand is - answer✔✔elastic

a union is economically beneficial if - answer✔✔it helps workers get pension benefits so they
are less dependent on government social assistance after retirement

affirmative action - answer✔✔efforts to improve outcomes of minority groups or women

an increase in labor productivity - answer✔✔will not cause a rightward shift in the market
supply curve for labor

an increase in wage rate - answer✔✔will not result in leftward shift of market demand curve for
labor

any given supply or demand curve is based on the ceteris paribus assumption that - answer✔✔all
else is held equal

applied research - answer✔✔research that is focused on a product that offers commercial
applications in the short-term

as the price of a good increases - answer✔✔buyers desire to purchase less of it

average cost - answer✔✔determined by dividing the firm's total costs by the quantity of its
output

average variable cost - answer✔✔firm's variable costs divided by the quantity of output

basic research - answer✔✔esearch pertaining to fundamental scientific breakthroughs that may
offer commercial applications in the distant future
because of worker's ability to sell through a union, profit-making firms must pay wages -
answer✔✔that exceed the equilibrium wage the firms would have otherwise selected

biodiversity - answer✔✔the full spectrum of animal and plant genetic material

black markets - answer✔✔caused by government laws and rules



EXAM STUDY MATERIALS July 24, 2024 1:33:58 PM

,buyers and sellers - answer✔✔in a market-oriented economy, the amount of a good that is
produced is primarily decided by their interaction

cartel - answer✔✔a group of firms colluding with each other to produce the monopoly output
and sell at the monopoly price

collective bargaining - answer✔✔negotiations between unions and firm(s)

collusion - answer✔✔when firms act together to reduce output and keep prices high

command economy - answer✔✔government either makes economic decisons themself or
strongly influences them

command-and-control regulation - answer✔✔body of law that is used for specific allowable
quanitites of pollution and what pollution-control technologies can be used

competitive firms desire that higher wages paid to union workers - answer✔✔result in higher
productivity

constant returns to scale - answer✔✔expanding all inputs does not change the average cost of
production

copyright law - answer✔✔legal protection to prevent reproduction of original works

decisions in monopolistic competition will resemble - answer✔✔a monopoly sometimes and
perfect competition other times

decreasing returns to scale - answer✔✔as quantity of output rises, the average cost of production
rises

demand curve - answer✔✔shows relationship between price and quantity demanded on a graph

the demand curve for a typical good is - answer✔✔negative slope because some consumers
switch to other goods as price rises

demand for a good - answer✔✔the amount that people will buy at alternative income levels

deregulation - answer✔✔is unlikely to present a barrier to entry in a market

deregulation is where - answer✔✔a government cuts back rules relating to prices, conditions,
and quantities except in a natural monopoly

diminishing marginal utility - answer✔✔pattern where each marginal unit of a consumed good
provides less utility than the previous unit

division of labor idea - answer✔✔the way in which work required to produce a good or service
is divided into tasks done by different workers


EXAM STUDY MATERIALS July 24, 2024 1:33:58 PM

, downward sloping demand curve - answer✔✔as price rises, demand decreases

economic profit calculation - answer✔✔subtract the firm's costs from its total revenues
excluding opportunity cost

economic theory offers - answer✔✔a systematic way of thinking about the full range of possible
events and responses which can prevent misguided conclusions about how households will
respond to changes in price or incomes

economies of scale - answer✔✔the quantity of output rises but the average cost of production
falls

elastic demand - answer✔✔when the quantity demanded is very responsive to changes in price

environmental pollution - answer✔✔this is a valid criticism of the production of useful goods
and services

estate tax - answer✔✔where the government collects wealth for redistribution based on the
amount of stored wealth that is being passed on in an inheritance

fixed costs - answer✔✔expenditures that must be made before production starts that typically,
over the short run, do not change regardless of the level of production

free rider - answer✔✔someone who wants others to pay for public goods but uses them for
themselves

game theory - answer✔✔mathematics that analyzes situations where players make decisions and
receive payoffs, used by economists

goods and services market - answer✔✔households receive goods and services and pay firms for
them

government patent regulations - answer✔✔inventors maintain exclusive legal rights to their
inventions for a limited time

highly innovative firms - answer✔✔usually have sometime before competitors catch up to its
innovation

if demand for a good is perfectly inelastic, then reduced supply causes - answer✔✔equilibrium
price to rise and equilibrium quantity to stay the same

if demand increases slower than supply - answer✔✔then wages will rise

if many people are free riders - answer✔✔the public good may never be provided

if monopolistic competitors have entry and exit like perfectly competitive firms - answer✔✔they
will not be able to earn higher-than-normal profits in the long run


EXAM STUDY MATERIALS July 24, 2024 1:33:58 PM

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