Save
or

or

taken

why

Make sure to remember your password. If you forget it there is no way for StudyStack to send you a reset link. You would need to create a new account.

focusNode
Didn't know it?
click below

Knew it?
click below
Don't know (0)
Remaining cards (0)
Know (0)
0:00
Embed Code - If you would like this activity on your web page, copy the script below and paste it into your web page.

Normal Size     Small Size show me how

# Micro- Midterm 1

### Microeconomics Midterm 1- Part 3/3

The value that consumers get from consuming a product over and above they actually paid for their product is called: Consumer utility
The amount of revenues that sellers actually receive over and above the minimum acceptable amount that they are willing to receive for selling a product is called: Producer surplus
Deadweight losses occur when the quantity of an output produced is: Greater than, but not when it is less than, the competitive equilibrium quantity
Government can reallocate resources away from private goods towards public goods, usually through: Taxes and government spending
If the price-elasticity coefficient for a good is .75, the demand for that good is described as: Inelastic
Total revenue falls as the price of a good is raised, if the demand for the good is: Unitary elastic
If a college admits only a fixed number of applicants per year, then the school's supply curve for admissions is: Perfectly elastic
A glass company making windows for houses also makes windows for other things. We would expect its supply curve for house windows to be: Relatively more inelastic than those of firms who only make house windows
A negative income elasticity of demand coefficient indicates that: The product is an inferior good

Voices

Use these flashcards to help memorize information. Look at the large card and try to recall what is on the other side. Then click the card to flip it. If you knew the answer, click the green Know box. Otherwise, click the red Don't know box.

When you've placed seven or more cards in the Don't know box, click "retry" to try those cards again.

If you've accidentally put the card in the wrong box, just click on the card to take it out of the box.

You can also use your keyboard to move the cards as follows:

• SPACEBAR - flip the current card
• LEFT ARROW - move card to the Don't know pile
• RIGHT ARROW - move card to Know pile
• BACKSPACE - undo the previous action

If you are logged in to your account, this website will remember which cards you know and don't know so that they are in the same box the next time you log in.

When you need a break, try one of the other activities listed below the flashcards like Matching, Snowman, or Hungry Bug. Although it may feel like you're playing a game, your brain is still making more connections with the information to help you out.

To see how well you know the information, try the Quiz or Test activity.

# Pass complete!

 "Know" box contains: Time elapsed: Retries:
restart all cards