Created page with 'Seth P. 1.a 2.b 3.a 4.c 5.a 6.a 7.b 8.b 9.e 10.d 11.b 12.e 13.c 14.a 15.e 16.d 17.b 18.a 19.e 20.d 21.a 22.d 23.d 24.a 25.e 26.d 27.a 28.a 29.d 30.d 31.c 32.c 33.c 34.b 35.d 36....'
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Created page with 'Seth P. 1. 2.People losing their jobs to workers in China is the result of “free trade”. 3.One of the primary responsibilities of the Federal Reserve Bank is to protect th...'
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Created page with 'Seth P. 1.A monopsony is one buyer. 2.A production possibilities curve is a way to graph all the different possibilities you have for spending your time, resources and energy....'
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Created page with 'Seth P. 1.I would want someone to pay me interest back if I loaned him money because I want a profit from the transaction. 2.The total I would repay is $1,102.50. 3.The cost o...'
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Created page with 'Seth P. 1.Externalities are any good or service that you can benefit from or not benefit from without paying for it. 2.Marginal revenue is zero because it cannot be positive o...'
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Created page with 'Seth P. 1.Video game companies like Nintendo, Sony and X-box (don't know who makes X-box) is an example of an oligopoly, because there is few competitors. It takes a lot of tim...'
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Created page with 'Seth P. 1.The four elements of perfect competition are lots of competitors, lots of things to compete over (perfect substitutes), knowing what all is going on, and everyone has...'
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Created page with 'Seth P. 1.Fixed costs can be easily identified by seeing what the total costs are when output is zero. An example of a variable cost is employees. 2.His plan would fail becaus...'
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Created page with 'Seth P. 1.Economic “efficiency” is getting a good or a service with as little transaction costs as possible, because the more transaction costs there are the less efficient...'
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Created page with 'Seth P. 1.A consumer's overall satisfaction is expressed in economics as his utility. 2.Your consumer surplus would be $1000. Consumer surplus is when you work hard and get lo...'
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Created page with 'Seth P. 1.Pizza is an example of a good that has a large price elasticity, meaning that a small decrease in price causes a big increase in demand. 2.An example of the concept ...'
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Created page with 'Seth P. 1. The supply of a good, and the d...'
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Created page with 'Seth P. 1.A Wii is a good. A theme park is a service. 2.A meal at McDonald's costs the gas, the food, and taxes. The cost of the food includes the employees pay, the building, t...'
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