Test 4 Review Sheet
-In competitive labor markets, firms demand labor and workers supply labor.
-In a competitive labor market, if a firm pays a worker less than that worker's VMP, then in the long run competing firms
will be able to hire the w
Microeconomics Test 1 Review Sheet
Note: Questions on the test will not be in the same order as the review sheet and may not be asked in the same manner.
Make sure to not just memorize these questions and answers, but know them. Do to this review sheet al
Amanda Ferencz ECO 2023 Prof. Gislason
The Federal Reserve System The Federal Reserve System is an important feature in American economics. Known as the Fed, it was created on December 23rd, 1913. The structure of the Fed consists of the
Microeconomics test 3 review sheet
Pure monopoly exists when a single firm produces a good with no close substitutes.
In many towns in the United States, a single firm provides electricity. Those firms are monopolists.
If a firm functions in an
Test 2 Review Sheet
Chapter 5 Demand
-Home football games at your college are free for students and most of the students like to go to the game. The 5 hours
you waited in the line to get ticket is the non-monetary cost for you to go to the game.