finaljeopardy2

finaljeopardy2 - Eco 101 Principles of Microeconomics...

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Eco 101 Principles of Microeconomics
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100 100 100 100 200 200 200 200 400 400 400 400 300 300 400 400 Consumer Choice Production Market Structures Resource Markets 300 300 300 300 300 300 200 200 400 400 200 200 100 100 500 500 500 500 500 500 500 500 100
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Row 1, Col 1 This measures the change in total utility from the consumption of one more unit. What is marginal utility?
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1,2 Economic profits are the difference between total revenue and these types of costs. What are total costs or explicit and implicit costs?
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1,3 In these two types of market structures, firms face barriers to entry. What are monopoly and oligopoly?
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1,4 Firms will hire labor until this is true. What is marginal revenue product = the wage?
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2,1 When consumption of a good rises, total and marginal utility exhibit these behaviors, respectively. What is rise and fall?
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Under the law of decreasing returns we expect this to happen eventually. What is marginal product to fall?
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This document was uploaded on 06/18/2011.

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finaljeopardy2 - Eco 101 Principles of Microeconomics...

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