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ECON 300 EXAM 3 With Correct Answers (2025)!! $14.99
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ECON 300 EXAM 3 With Correct Answers (2025)!!

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ECON 300 Study Material – Ace Your Economics Course! Struggling with ECON 300? Get ahead with this comprehensive and well-organized study material! Perfect for students looking to improve their understanding, boost their grades, and save time on studying. Includes: Detailed chapter summa...

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  • February 21, 2025
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  • 2024/2025
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Q&As




ECON 300: EXAM 3 With Correct
Answers (2025)!!




Economic Efficiency - Answer all goods and factors of
production are allocated to their most valuable uses



maximization of economic surplus



Economic Surplus - Answer the sum of consumer surplus and
producer surplus



Consumer Surplus - Answer gains from trade for consumers



Price Willing to Pay - Market Price

, Q&As
If Betty is a consumer willing to pay $12, what is her consumer
surplus?



Market Price = $8 - Answer =4



12-8 = 4



Producer Surplus - Answer gains from trade for producers



difference between the market price and opportunity cost



market price - opportunity cost



Externality - Answer action taken by a producer or consumer
that affects others but is not accounted for by the market price



no externalities: P = MC



Deadweight Loss - Answer the loss in economic surplus
created by market inefficiency



when less/more than competitive equilibrium is exchanged

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