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Econ101 Chapter 15 Exam Questions And Correct Answers ...

ECON101 Exam With Questions And Complete Answers ...

Questions for midterm 2 and full written responses

Questions for the midterm and fully written response questions

When the supply of a product decreasesthe equilibrium price will increase and equilibrium quantity will decrease -This is shown as a leftward shift of supply. When the supply of a product increasesthe equilibrium price will decrease and equilibrium quantity will increase. -This is shown as a rightward shift of supply When demand increases at the same time that supply decreasesthe equilibrium quantity falls but the change in equilibrium price is ambiguous the equilibrium quantity falls...

what is the definition of economics?a social science that studies how people, firms, and society make optimal choices under conditions of scarcity normative statementsclaims that attempt to prescribe how the world should be positive statementsclaims that attempt to describe the world as it is (facts) opportunity coststhe cost of giving up one opportunity to take another explicit costsinput costs that require an outlay of money (price of coffee) implicit costsIndirect, non-purchased, foreg...

ECON101 Week 1 Quiz Microeconomics

ECON101 Week 1 Quiz Microeconomics

Question 1 of 20 The representative firm in a purely competitive industry: A. Will always earn a profit in the short run B. May earn either an economic profit or a loss in the long run C. Will always earn an economic profit in the long run D. Will earn an economic profit of zero in the long run AAnnsswweerr KKeeyy::: D FFeeeeddbbaacckk::: See page 240. Question 2 of 20 An example of a monopolistically competitive industry would be: A. Steel B. Soybeans C. Electricity D. Retail cloth...