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Econ 201 Exam 2 With Questions And 100% ALL DETAILED CORRECT ANSWERS
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JACKLINEEcon 201 Exam 2 With Questions And 100% ALL DETAILED CORRECT ANSWERS
Terms in this set (64)
the amount of a good that households want to quantity demanded
consume given their income and prices in a
given time period
shows the relationship between the price level demand schedule
and the quantity demanded
as the price of a good increases, the quantity law of demand
demanded falls
the price of a good compared to the price of relative price
another good
as more units of a good are consumed, law of diminishing marginal benefit
additional units provide less benefit
amount consumer is willing to pay-amount consumer surplus
actually must pay
the amount of a commodity that a firm plans to quantity supplied
sell in a given time Econ 201
period at Exam
a given price 2
1/5
, 10/4/24, 8:42 AM
as the price for which a good can be sold law of supply
increases, the quantity of that good that is
supplied will increase
shows the relationship between the price level supply schedule
and the quantity supplied
the total economic cost of producing a good or opportunity cost of production
service
to supply additional units of a good, producers law of increasing costs
have greater opportunity costs, so the price
must rise to induce producers to supply greater
quantities
an excess of sales revenue relative to the cost of profit
production
a deficit of sales revenue relative to the loss
opportunity cost of production
amount actually paid to producer -amount must producer surplus
be paid to be willing to provide the good
in the market is where quantity supplied=quantity equilibrium
demanded
a situation in which all of the potential gains from economic efficiency
trade have been realized
a movement along a demand curve caused by a change in quantity demanded
change in the price level
a shift of the entire demand curve due to a change in demand
change in one of the determinants of demand
goods that are readily substituted for one substitutes
another
a commodity consumed jointly with some other complementary good
commodity
as income increases, demand rises normal good
Econ 201 Exam 2
2/5
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