Which of the following is an assumption for the model of perfect
The firms in the industry produce a homogeneous product.
Which of the following is not an objection to the assumption of
Profit maximization does not aid us
New York City Rent Control and Limited Tuition
Intermediate Microeconomics EC300
March 4th, 2012
It is unlikely that many people would be willing to pay $2,000 a month for rent of a 500
square foot apartment. However, in
This week we will discuss the theory of consumer choice and its application with various constraints. To begin,
please read Chapter 3: The Theory of Consumer Choice
Chapter 3: The Theory of Consumer Choice
First, we need to sort out what economists mean b
In this part we will consider price changes and consumption choices. We will proceed with analysis of income and
substitution effects of a price change. Then we will discuss the consumer surplus and price elasticity with the priceconsumption curve. We wil
Unit 1: Week 1 - Lecture B - Ch 2
Chapter 2 Supply and Demand
Here we begin to discuss demand and supply, taking each relationship separately. With the demand curve, the
distinction between shifts in demand and a movement along a demand curv
Unit 1: Week 1 - Lecture A - Ch 1
Welcome to our Virtual Lecture Hall
This week well be considering some important preliminaries to our study of microeconomics and then addressing
several critical economic concepts in our review of the economizing problem
A monopolistic competitor differs from a perfectly competitive firm
it faces a downsloping demand curve.
Monopolistically competitive firms earn zero economic profits
in long-run equilibrium only.
The monopolistically competitive firm is in many w
The test of a theory is
whether it predicts well.
Positive economic analysis utilizes
economic theories and empirical tests of the theories.
The behavior of buyers and sellers depends on
relative prices of goods and services.
Economists analyze markets by
Which of the following statements about a production function is
It relates employment of inputs to output.
A technologically efficient level of output
is the maximum output available from a given set of inputs.
The ratio of the change in total p
Which of the following properties IS NOT assumed to hold for a
typical consumer's preferences?
The diminishing marginal rate of substitution along an indifference
curve is reflected by
A point lying inside the budget line indica