Rev Qs for T1 S17 Q1-Q47 - Review Questions for Test 1...

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Review Questions for Test 1 Review Questions for Test 1 GECON 200: Spring, 2017 GECON 200: Spring, 2017 Microeconomics Microeconomics 1. 1. What is the coordination problem that markets solve? What is the coordination problem that markets solve?
2. 2. What factors determine the amount demanded of some good, service, or asset? How will What factors determine the amount demanded of some good, service, or asset? How will the amount demanded change in response to an the amount demanded change in response to an increase increase in each of these factors? What in each of these factors? is the difference between a complementary good and a substitute good? is the difference between a complementary good and a substitute good? What
3. 3. How do we derive a two-dimensional How do we derive a two-dimensional demand curve demand curve from this (multi-dimensional) from this (multi-dimensional) relationship? What does relationship? What does ceteris paribus ceteris paribus mean, and what does it have to do with the mean, and what does it have to do with the derivation of the demand curve? derivation of the demand curve?

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