Bmal 590 week 6 MicroEconomics Questions And Answers
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Module
BMAL 590
Institution
BMAL 590
Bmal 590 week 6 MicroEconomics Questions
And Answers
The fundamental reason people must choose between goods to buy and consume is because of
blank______. scarcity
A rational student will continue studying in a given study session until blank______. the
marginal value of the last unit studi...
Bmal 590 week 6 MicroEconomics Questions
And Answers
The fundamental reason people must choose between goods to buy and consume is because of
blank______. scarcity
A rational student will continue studying in a given study session until blank______. the
marginal value of the last unit studied equals the marginal cost of the last unit
In economics, the cost of doing something is blank_______. the value of the next best
opportunity not taken
The optimal amount of studying is determined by comparing the blank_______ marginal
benefit and the marginal cost of studying
A shift in the demand curve denotes _______. a change in demand
Consider inferior goods. As real incomes rise, consumers tend to buy inferior goods
inblank________. less quantity
, Bmal 590 week 6 MicroEconomics Questions
And Answers
The law of supply states that, holding other factors constant, as price increases blank_______.
quantity supplied increases
A restriction on the number of people allowed to be medical doctors in the United States would
most likely blank_______. increase doctors' fees
Suppose the price of hamburgers rises, and you observe that as a result, the demand for hotdogs
rises. This makes hotdogs and hamburgers blank_______. substitutes
March was unusually rainy and windy, leading more car owners to take their cars to the car
wash. Prices at local car washes did not change. Economists might describe that change in
consumer behavior this way? The weather caused an increase in the demand for car
washes.
Movement down along a demand curve could be caused by blank_______. a decrease in
the price
If A and B are complements, an increase in the price of good A would blank_______. lead
to a decrease in demand for B
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