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Mizzou Econ 3251 Midterm 1 Exam With Complete Solutions Latest Update
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Mizzou Econ 3251 Midterm 1 Exam With Complete Solutions Latest Update...
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Mizzou Econ 3251 Midterm 1 Exam With CompleteSolutions Latest Update
Time and risk - ANSWER Relation in investments: short vs long-term time horizons
Microeconomics - ANSWER Study of specific choices by consumers and producers
Macroeconomics - ANSWER Analysis of the broader economic system
Perfect competition - ANSWER Many firms, identical product, no entry barriers
Monopolistic competition - ANSWER Many firms with some market power, no long-run
profit
Oligopoly - ANSWER Competition among a few firms
Monopoly - ANSWER Market served by a single firm
Utility - ANSWER Measure of consumer satisfaction
Indifference curves - ANSWER Measure of consumer satisfaction levels
Transitivity theory - ANSWER Implies indifference curves cannot cross
Convex indifference curves - ANSWER Curved indifference curves due to utility
assumptions
, Consumer surplus - ANSWER Difference between willingness to pay and actual price
Total revenue curve - ANSWER In perfect competition, MR equals market price
Demand movement vs shift - ANSWER Movement along vs shift of demand curve
Supply movement vs shift - ANSWER Movement along vs shift of supply curve
Behavioral economics - ANSWER Incorporates psychology into economic models
Utility maximization - ANSWER Consumers maximize utility at tangency of curves
Budget constraints - ANSWER Set of affordable consumption bundles
Profit maximization - ANSWER MR equals MC for optimal profit
Price floor - ANSWER Regulation setting minimum price for goods
Shortage - ANSWER Excess demand in the market
Surplus - ANSWER Excess supply and low demand in the market
Short run - ANSWER Period where inputs into production are fixed
Labor and capital substitution - ANSWER Tradeoff in productive abilities of labor and
capital
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