Econ101 Samenvattingen, Aantekeningen en Examens

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Saylor Academy ECON101 Direct Credit Exam Questions and Answers

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Saylor Academy ECON101 Direct Credit Exam Questions and Answers

When the supply of a product decreasesthe equilibrium price will increase and equilibrium quantity will decrease -This is shown as a leftward shift of supply. When the supply of a product increasesthe equilibrium price will decrease and equilibrium quantity will increase. -This is shown as a rightward shift of supply When demand increases at the same time that supply decreasesthe equilibrium quantity falls but the change in equilibrium price is ambiguous the equilibrium quantity falls...

ECON 101 (ECON101) midterm exam Economics is the study of: A.increasing the level of productive resources so there is maximum output in society. B.increasing the level of productive resources so there is a minimum level of income. C.how people, institutions, and society make choices under conditions of scarcity. D.the efficient use of scarce resources paid for at the minimum level of cost to consumers and businesses. Answer Key: C Question 2 of 20 4.45 Points Which of the following is n...

Saylor Academy ECON101 Direct Credit Exam Questions and Answers

1. Modeling the Short Run in an Oligopoly Market Let’s turn our attention to examining how the firm interacts with the market in the short run in an oligopoly market. We will first examine the relationship of the firm to the market, then review the profitability status of the firm in the short run, before examining the long run outcomes. 1a. The Market and the Firm In an oligopoly market, dominant firms hold a relatively large share of the overall market total, similar to a monopolist, a...

Saylor Academy ECON101: Direct Credit Exam Questions and Answers Q: Why does scarcity exist? - answerResources are limited. Which of the following is the most fundamental concept in economics? - answerScarcity The Greek word for "economy" is oikonomos, which literally means a person who: - answermanages a household. What does the term "capital" refer to in economics? - answerThe equipment, and buildings used by firms According to the production possibility frontier below, the economy...