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PRAXIS ECON1

QuestionAnswer
THE OPPORTUNITY COST OF PURCHASING A USED AUTOMOBILE FOR $6,000 is a vacation or other purposes for thiwch the $6,000 could have been used
assume that a country can produce both good x and good y, but has a comparative advantage in the production of good x only. if the country specialized in the production of good x and imports good y, the coutnry will most likely consume... greater amounts of goods x and y than before trading
which of the follwoing is a characterisitc of socialism as an economic system? the production and distribution of the nations ouput are determined by central government planners
a firm that has market power to set the price for its product or service is a monopoly. it is a markert structure characterized by a single producer
when compared with perfectly competive firms in long run equilibrium, a monopoly with an identical cost structure will charge a higher price and produce lower output
if a price ceiling is repealed it will cause the market to increase the price due to the previous shortage. as the price increases, the quantity supplied will increase and the quantity demanded will decrease
comparative advantage idea that even though one entity may be better at producing a good than a second entity, it still may be beneficial to trade with the second entity if they have lower opportunity costs
price floor lowest legal price a commodity can be sold at...The most common price floor is the minimum wage
For a price floor to be effective, it must be set above the equilibrium price.
price ceiling when the government puts a legal limit on how high the price of a product can be
order for a price ceiling to be effective it must be set below the natural market equilibrium
A negative externality occurs when an individual or firm making a decision does not have to pay the full cost of the decision If a good has a negative externality, then the cost to society is greater than the cost consumer is paying for it
The first law of supply states that as the price of a product increases the quantity supplied will increase supply curve
Marginal cost is the cost of an additional unit MC = Change in TC / Change in Q
Price elasticity measures the sensitivity of the quantity demanded or the quantity supplied to the change in the price how much will a change in price affect the quantity demanded or supplied?
Fixed costs are costs that are independent of output These remain constant throughout the relevant range
Variable costs are costs that vary with output Generally variable costs increase at a constant rate relative to labor and capital. Variable costs may include wages, utilities, materials used in production, etc
Total cost is variable cost and fixed cost combined. TC=VC+FC
A monopoly exists when there is a single firm in an industry; it can change output to directly affect the market price. Market power is the ability of a firm to affect the market price. A firm in a competitive market doesn't have the ability to affect the market price since it holds a small share of the market and can easily be undercut by another firm...only monopolies do
The Clayton Act was passed in 1914 to help clarify some of the vagueness of the Sherman Act The Clayton Act more clearly defines anticompetitive acts such as price discrimination, tying clauses, and mergers between competitors.
socialism/communism: government or the state should be in charge of economic planning, production and distribution of goods. north korea, china, cuba
capitalism-Capitalism is the economic system based on private or corporate ownership of, production and distribution of goods, Capitalists favor a system of free enterprise which means the government should not interfere in the economy us, great britian, canada
Later a form of socialism called communism sprang up based on the writings of Karl Marx and Friedrich Engels. Later a form of socialism called communism sprang up based on the writings of Karl Marx and Friedrich Engels.
Created by: misty66
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