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ECON 101 > Final > Flashcards

Final Flashcards

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1
Q

Attainable Points on a Production are…

A

Inside or on the PPF

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2
Q

Unattainable Points on a Production are…

A

Outside the PPF

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3
Q

Efficient Points of Production are…

A

On the PPF

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4
Q

Inefficient Points of production are…

A

Inside the PPF

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5
Q

Moving from point E to D demonstrates a

A

Tradeoff

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6
Q

Gaining bikes without giving up phones is…

A

Free Lunch

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7
Q

Gain 1 million phones for three bikes demonstrates the …

A

Opportunity Cost

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8
Q

What are factors that shift supply and demand?

A

Anything else that does not include price changing

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9
Q

Movements along supply and demand…

A

are a change in price

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10
Q

Equilibrium occurs when…

A

supply equals demand

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11
Q

Surplus occurs when

A

The price is greater then the equilibrium price

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12
Q

Shortages occur when

A

The price is less then the equilibrium price

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13
Q

A CED that is less than 0

A

Complements

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14
Q

A CED that is more than 0

A

Substitute

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15
Q

Perfectly elastic

A

Horizonal

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16
Q

Perfectly Inelastic

A

Vertical

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17
Q

Total consumer surplus is the area…

A

below the demand curve and above price

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18
Q

Consumer surplus for a specific unit is the difference between…

A

marginal benefit and the price

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19
Q

Total producer surplus is the area…

A

above the supply curve and below the price

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20
Q

Producer surplus for a specific unit is the difference between…

A

Marginal Cost and price

21
Q

Total surplus is…

A

Producer Surplus plus Consumer Surplus

22
Q

Market is efficient when marginal benefit ______ marginal cost

A

equals

23
Q

Price Ceilings: Marginal Benefit_____ Marginal Cost

A

is greater than

24
Q

Price Floors: Marginal Benefit_____ Marginal Cost

A

is greater than

25
Q

Quotas: Marginal Benefit_____ Marginal Cost

A

greater than

26
Q

Whoever is more elastic (buyer/seller) pays _____ of the tax

A

Less

27
Q

Whoever is more inelastic (buyer/seller) pays _____ of the tax

A

More

28
Q

If buyers/sellers are perfectly elastic they pay ____ of the tax

A

none

29
Q

If buyers/sellers are perfectly inelastic they pay ____ of the tax

A

all

30
Q

Calculating marginal product= change in ____/ change in ____

A

Output and labor

31
Q

Total Cost =

A

Total variable cost plus total fixed cost

32
Q

Average total/variable/fixed cost =

A

Cost/ Output (quantity produced)

33
Q

Average total cost =

A

Average variable cost plus average fixed cost

34
Q

Perfectly competitive market:Operate in the short run as long as the price is greater than or equal to…

A

minimum of the average variable cost

35
Q

Perfectly competitive market:Operate in the long run as long as price is greater than or equal to…

A

Minimum of the average total cost

36
Q

Perfectly competitive market:Set marginal revenue (which is _____ to price) = _____

A

equal, marginal cost

37
Q

Perfectly competitive market:In the long run: Firms enter if the price is greater than…

A

average total cost

38
Q

Perfectly competitive market:In the long run: Firms exit if price is less than…

A

average total cost

39
Q

Perfectly competitive market: In the long run, economic profit equals…

A

0

40
Q

Monopoly:Calculate marginal revenue=

A

change in total revenue divided by change in output

41
Q

Monopoly:Single price monopolist: Set marginal revenue (____ to price) =____

A

not equal, marginal cost

42
Q

Monopoly:Single price monopolist: Determine price by going up to the ____ curve from the profit-maximizing quantity

A

demand

43
Q

Monopolistic Competition: Set marginal revenue (_____ to price)=

A

not equal, marginal cost

44
Q

Monopolistic Competition: Determine price by going up to the _____ curve from the profit-maximizing quantity

A

demand

45
Q

Monopolistic Competition: Operate in the long run as long as the price is greater than or equal to ______

A

average total cost

46
Q

Monopolistic Competition:In the long run: Firms enter if the price is greater than____

A

average total cost

47
Q

Monopolistic Competition:In the long run: Firms exit if the price is less than____

A

Average total cost

48
Q

Monopolistic Competition:In the long run: Economics profits equal ___

A

0

ECON 101 (5 decks)

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