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Rutgers Introduction to Microeconomics Final questions and answers 2025.
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Rutgers Introduction to Microeconomics Final questions and answers 2025.
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Rutgers Introduction toMicroeconomics Final
questions and answers 2025
Value in diversity: Consumers gain from the
increased diversity of products. - answer
Consumers gain from the increased diversity of
products.
competitive market - answer has many buyers and
sellers of the same good or service, none of whom
can influence the price.
supply and demand model - answer a model of how
a competitive market behaves.
demand curve - answer shows the quantity
demanded at various prices.
quantity demanded - answer the quantity that
buyers are willing (and able) to purchase at a
particular price.
Important demand shifters - answer Changes in the
prices of related goods or services
,Changes in income
Changes in tastes
Changes in expectations
Changes in the number of consumers
Two goods are substitutes - answer if a decrease in
the price of one leads to a decrease in demand for
the other (or vice versa).
A normal good: - answer Demand increases when
income increases (and vice versa).
Two goods are complements - answer if a decrease
in the price of one good leads to an increase in the
demand for the other (or vice versa).
supply curve - answer shows the quantity supplied
at various prices.
An inferior good: - answer Demand decreases when
income increases (and vice versa).
quantity supplied - answer the quantity that
producers are willing and able to sell at a
particular price.
, elastic - answer when an increase in price reduces
the quantity demanded a lot (and vice versa).
inelastic. - answer When the same increase in price
reduces quantity demanded just a little
Total revenue - answer price times quantity
demanded (sold).
TR = P × Q
Autarky: a situation in which a country does not
trade with other countries. - answer
Factor intensity - answer a measure of the quantity
of a factor used in comparison with other factors.
Factor abundance: - answer the supply of a factor
of production relative to other factors.
Exporting industries - answer produce goods and
services that are sold abroad.
Import-competing industries - answer produce
goods and services that are also imported
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