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Econ 200 Exam 1
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  • Econ 200
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  • Econ 200

Marginal decision making/ thinking at the margin Correct answer- comparing additional benefits and costs of a choice marginal changes Correct answer- small incremental changes to a plan of action Marginal benefit and marginal costs Correct answer- benefit: additional revenue cost: additional co...

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  • March 25, 2022
  • 4
  • 2021/2022
  • Exam (elaborations)
  • Questions & answers

Subjects

  • econ 200 exam 1
  • marginal changes
  • marginal decision making thinking at the margin
  • marginal benefit and marginal costs

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  • Econ 200
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Econ 200 Exam 1

Marginal decision making/ thinking at the margin Correct answer- comparing additional
benefits and costs of a choice

marginal changes Correct answer- small incremental changes to a plan of action

Marginal benefit and marginal costs Correct answer- benefit: additional revenue
cost: additional cost
-A rational decision maker continues to take action if and only if the marginal benefit of
the action is at least as large as the marginal cost

sunk cost Correct answer- a cost that has already been committed and cannot be
recovered

supply and demand curve Correct answer- supply: positive relationship (upward
sloping)
demand: negative relationship (downward sloping)

Law of demand Correct answer- states that all else equal, quantity demanded rises as
price falls

increase in demand Correct answer- shifts graph to the right

decrease in demand Correct answer- shifts graph to the left

nonprice determinants of demand Correct answer- -consumer preferences
-prices or related goods
-incomes
-expectations

substitutes Correct answer- goods are substitutes if serve similar-enough purposes that
a consumer might purchase one in place of the other
-if two goods are substitutes then an increase in the price of one good leads to an
increase in demand for the other good

complements Correct answer- goods that are consumed together, so that purchasing
one will make consumers more likely to consume the other

normal goods Correct answer- goods for which demand increases as income increases

inferior goods Correct answer- goods for which demand decreases as income increases

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