Chapter two Production possibilities frontier
2 out of 2 points
A PPF is more likely to be a downward-sloping curve that is bowed outward than a downward-sloping
straight line because most resources are
Selected Answer: b.
better suited for th
0 out of 2 points
Refer to Exhibit 34-9. For country Y, the opportunity cost of producing one unit of good B is
_ unit(s) of good A.
1. The Market Cycle
3. Specialized Skills
5. People loose faith and the whole thing can crumble. Markets are only as strong as the confidence
people have in them. Governments make rules to prevent corruption, etc.
7. A zero sum game implies a limit
1 In order to define and outline what every consumer has the right to expect.
3 So that consumers can compare food products and make healthy informed choices.
5 You must receive the shipment within 30 days or receive anoption notice so you can acce
1 Product, Pricing, Place, Promotion
3 Soap, Cars, Fireworks (or Fine jewelry if you dont want to break any laws).
5 Introduction, Growth, Maturity, Decline
7 Skim - Price starts high then it is lowered to increase demand
Penetration Price starts l
CH 10 P1
1 The United States government took on Microsoft in an old-fashioned trust-busting case.
3 The big, central issue of the case, which is can you or can you not put any piece of software, add it
to Windows and make it part of the operating system e
1 What to produce, for whom to produce it, and how much to produce.
3 Consumers, businesses the government and other nations
5 The balance of supply and demand yield the equilibrium market price
7 When the price of a good or service falls more peop
1. He gained an income right out of school, when at that time there was not a great difference in pay
for people with a degree. He had a low opportunity cost.
3. The opportunity cost was low in comparison to her other options.
5. Her opportunity co
CH 12 P1
1 50 Billion
3 $95-$100 per share
5 It has peaked and is declining
7 With the merger we will be a big buyer of tv network programming we will be able to get better
deals with the big networks, and lower prices for the consumer.
9 The kind of merg
CH 11 P1
1 Oil Nationalization took hold in the 40s and 50s
3 It all started when King Saud told Philby he would give him all the oil rights in the world for 100
British Pounds. Philby helped him forge a deal with Standard Oil and formed ARAMCO. Eventuall
1 Perfect Competition, Monopolistic Competition, Oligopoly, and Monopoly
3 Monopolistic Competition
5 Restaurants, Clothing, consumer services such as Fitness Centers, Repair Services, and
7 Few Firms, High Entry and Exit Barriers, Pr
Total utility clearly increases as more units are consumed. However, the rate of this increase is not
constant. For instance, the first unit increases total utility by 10, third - by 7, sixth - by 1. The numbers
illustrating the rate of increase are in th
1. For markets to work well, there must be: property rights. 2. Prices usually reflect: both the value of a good to society and the cost to society of making the good. 3.
Economists face an obstacle that many scientists do not face. What is that obstacle?
AMR ( American Airlines) Us Air (US
Airways) settle antitrust suit over
Problems we are facing
Higher Fare prices
American Airlines And US Airways
becoming a monopoly
Far Reaching impl
San Jos State University
Econ 1B, Principles of Microeconomics, Sections 3 & 5,
Justin D. Rietz
firstname.lastname@example.org (Goal: 1 business day response).
Review for Micro Exam 3
What are the factors of production?
2. How are factor markets different from product markets?
3. Know what profit max is in the labor market
4. Remind yourself what marginal product and diminishing marginal product is
5. How is
San Jacinto College
Fall - 2013
8:45 10 am
11:45 1:30 pm M
Principles of Economics by N. Gregory Mankiw, 6th or 7th Edition + a bit of Economics
Today by Irvin Tuc
Allan Magnuson Economics 202 Chapter 9 Homework
Monopoly 1. The perfectly competitive firm exhibits resource allocative efficiency (P = MC), but the single-price monopolist does not. What is the reason for this difference? A. The differences between a per