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Microeconomics

This class was created by Brainscape user Kayla Ritchie. Visit their profile to learn more about the creator.

By: Kayla Ritchie
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Decks in this class (12)

Chapter 11
Explicit costs are what,
Implicit costs are what,
Firms try to maximize the differe...
39  cards
Chapter 12
Assumptions of a perfectly compet...,
Price takers must do what,
Perfectly competitive markets gen...
23  cards
Chapter 1
The study of choices we make amon...,
Inputs used to produce goods and ...,
Exists because our unlimited want...
17  cards
Chapter 2
The physical and human effort use...,
The natural resources used in the...,
The equipment and structures used...
23  cards
Chapter 4
The process of buyers and sellers...,
A market where the many buyers an...,
The quantity of a good or service...
20  cards
Chapter 5
A legally established maximum price,
A legally established minimum price,
The secondary effects of an actio...
3  cards
Chapter 6
The measure of the responsiveness...,
When the percentage change in qua...,
When the percentage change in qua...
8  cards
Chapter 7
The difference between the price ...,
The difference between what a pro...,
The cost of producing one more un...
6  cards
Chapter 8
A benefit or cost from consumptio...,
When benefits spill over to an ou...,
When costs spill over to an outsi...
13  cards
Chapter 10
A consumers switch to another sim...,
Reduction in quantity demanded of...,
A goods ability to provide less s...
10  cards
Chapter 13
The single supplier of a product ...,
A firm that can produce at a lowe...,
Setting price equal to average to...
6  cards
Chapter 15
When a firm shapes its policy wit...,
When firms act together to restri...,
A collection of firms that agree ...
20  cards

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Microeconomics

  • Class purpose General learning

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