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Eco 101 Principles of Microeconomics
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100 200 400 300 400 Consumer Choice Production & Costs Market Structures Resource Markets 300 200 400 200 100 500 100
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Row 1, Col 1 This measures the change in total utility from the consumption of one more unit. What is marginal utility?
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1,2 Economic profits are the difference between total revenue and these types of costs. What are total costs or explicit and implicit costs?
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1,3 In these two types of market structures, firms face barriers to entry. What are monopoly and oligopoly?
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1,4 Firms will hire labor until this is true. What is marginal revenue product = the wage?
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2,1 When consumption of a good rises, total and marginal utility exhibit these behaviors, respectively. What is rise and fall?
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2,2 Under the law of decreasing returns we expect this to happen eventually. What is marginal product to fall?
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2,3 Selling an identical product with many other firms means this with respect to pricing power. What is the firm is a price taker?
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2,4 Under this effect, a wage increase makes you work more, since leisure becomes more expensive. What is the substitution effect?
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3,1 Along the same indifference curve, total utility exhibits this property. What is stays constant or is the same at all points?
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3,2 A normal profit is another name for this. What is zero economic profit?
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3,3 Using this rule, firms choose their profit-maximizing output. What is setting marginal revenue = marginal cost?
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3,4 Government borrowing increases interest rates because is does this to the market for financial capital. What is increase demand?
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4,1 In the graph of indifference curves below, which points have the highest total utility ? What are points E and F?
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4,2 In the short-run, there are these two types of costs. What are fixed and variable costs?
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4,3 By holding back output in order to charge a higher price, monopolists create this loss in surplus. What is the deadweight loss?
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4,4 This is the difference between the compensation to a resource and the opportunity cost of that resource. What is economic rent?
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5,1 In consumer equilbrium, consumers choose a point on the highest indifference curve that also does this. What is stay on budget or touch the budget line?
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5,2 This exists in the long run when increases in production lower the average cost of production. What is economies of scale?
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5,3 With free entry and exit, firms in these two market structures can expect zero economic profit in the long run. What are perfect competition and monopolistic competition?
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5,4 Under this type of rent, differences in rent occur due to difference in resource quality. What is differential rent?
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