Econ 201 - Study guides, Class notes & Summaries

Econ 201 Komnenos Exam 1|138 Questions with Verified Answers Economics - CORRECT ANSWER the study of how society manages its scarce resources scarcity - CORRECT ANSWER the limited nature of society's resources principle 1 - CORRECT ANSWER People face trade-offs principle 2 - CORRECT ANSWER The cost of something is what you give up to get it principle 3 - CORRECT ANSWER Rational people think at the margin principle 4 - CORRECT ANSWER People respond to incentives efficiency...

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Econ 201, Perfect Competition Questions with Correct Answers

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Econ 201 Exam 2 UMD UPDATED ACTUAL Exam Questions and CORRECT Answers three functions of money: - CORRECT ANSWER - medium of exchange unit of account store of value medium of exchange - CORRECT ANSWER - accepted in exchange for goods and services - without it we would have to barte

ECON 201 Final Exam | Questions with complete solutions A profit-maximizing firm will: A. expand employment if marginal revenue product equals marginal resource cost. B. reduce employment if marginal revenue product equals marginal resource cost. C. reduce employment if marginal revenue product is less than marginal resource cost. D. expand employment if marginal revenue product is less than marginal resource cost. Which of the following describes the equilibrium condition in a purely competit...

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