Sept 11 2017 quiz on some micro terms
Quiz yourself by thinking what should be in
each of the black spaces below before clicking
on it to display the answer.
Help!
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| Opportunity cost | show 🗑
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| Centrally planned economy | show 🗑
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| show | The resources required to produce goods and services.
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| Free Enterprise Economy | show 🗑
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| show | Where state and private enterprises exist but the government exercises a certain amount of regulation.
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| show | That factors that lower the average cost of production as the industry grows in size and that benefits all firms in the industry.
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| show | That factor that cause average cost of production to rise as output expands and that are common to every firm in the industry.
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| show | The factors that lower a firms average cost of production as the firm expands in size.
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| Internal diseconomies | show 🗑
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| Commodity markets | show 🗑
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| show | A market that supplies goods and services that give consumers utility and for which they are willing to pay a price.
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| show | A market where a good is sold to be used as an input in the production of another good.
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| show | Goods that are in joint demand. The use of one involves the use of the other.
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| show | Goods that satisfy the same need and so can be used instead of each other.
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| Capacity constraint | show 🗑
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| Perfectly inelastic supply | show 🗑
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| Cross elasticity of demand | show 🗑
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| show | The responsiveness of demand for a good to changes in income.
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| show | A good is said to have unit elasticity of demand if the proportionate change in quantity demanded is equal to the proportionate change in price.
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| Law of Diminishing Marginal Returns | show 🗑
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| Marginal cost | show 🗑
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| show | Any profit received in excess of normal profit.
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| Free entry and exit | show 🗑
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| Long- run equilibrium | show 🗑
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| show | The combination of price and quantity that gives the firm the highest profit in the short run.
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| Barriers to entry | show 🗑
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| show | A temporary monopoly granted to a company that has invented a new product or process so that it an recoup its costs before facing competition.
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| Price discrimination | show 🗑
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| show | This is where the consumer can distinguish the product of one firm from that of all others because of branding of goods and competitive advertising.
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| show | A reluctance on the part of the firm in oligopoly to change from the current price because any such change will cause a fall in total revenue.
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Created by:
MrFromholz
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