ECON 2150 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) ||ALREADY GRADED A+||NEWEST VERSION

Quiz: Why do prices vary so much? Ans: Changes in Supply and Demand conditions affects pattern of prices Quiz: competitive markets Ans: are those with sellers and buyers that are small and numerous enough that they take the market price as given when they decide how much to buy and sell. sell...

Quiz: Explicit costs Ans: Costs that involve a direct monetary outlay. (airline's expenditures on fuel and salaries) Quiz: Implicit costs Ans: Costs that do not involve outlays of cash. (income it forgoes by not leasing its jets) Quiz: opportunity cost Ans: the value of a resource in its...

Quiz: The likely result if government taxed away all profits would be a. a more rapid shift of resources to expanding industries. b. the removal of the most important incentive for resource allocation. c. improved market signals and responses. d. increased information about temporary shorta...

Quiz: price elasticity of demand Ans: The ratio of the percentage change in quantity demanded of a product or resource to the percentage change in its price; a measure of the responsiveness of buyers to a change in the price of a product or resource. Quiz: unit elasticity Ans: The ratio of th...

Quiz: Microeconomics definition Ans: Microeconomics is the study of how individual economic decision-makers such as consumers, workers, firms or managers allocate scarce resources among alternate uses. the social sciences that studies choices that cope with scarcity and incentives. This stu...

Quiz: X^b + Y^b Ans: what is G(x) + H(y), when b > 0 Quiz: log(x) + log(y) Ans: what is G(x) + H(y), when b = 0 Quiz: -X^b + -Y^b Ans: what is G(x) + H(y), when b < 0 Quiz: infinity Ans: what is Min(x,y) when x/y < 1 Quiz: undefined o © 2025 TestTrackers o or call [] o Resour...

Quiz: Factors of production Ans: Resources that are used to produce a good Quiz: Inputs Ans: Resources, such as labour, capital equipment, and raw materials, that are combined to produce finished goods Quiz: Output Ans: The amount of a good or service produced by a firm Quiz: Production func...