Wash Brain

Question 0

Opportunity Cost (Tips: 2 words)

Answer 0

Full cost

1) . Monetary cost (Explicit)
2) . Non-monetary cost (Implicit)

Question 1

Perfect Competition (tips: Numbers)

Answer 1

5

1) . Individual seller = Price Taker
2) . Many buyers and seller
3) . Free entry and exit
4) . Homogeneous products
5) . Perfect Information

Question 2

Profit
=?-?
=?of?of?

Answer 2

= Total revenue - Total Cost
= Return of factor of production
only for * Entrepreneurship*

Question 3

Elasticity of Demand
=?/?
=(number)

Answer 3

=%

Question 4

Total social surplus

?=?

Answer 4

MB=MC

Marginal benefit=Marginal cost

Question 5

Equity

2 words

Answer 5

(equalizing) income
- -> achieve market inefficient
(equalizing) opportunity
- -> increase competitiveness