Cost curve graph Study guides, Class notes & Summaries
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Principles of Microeconomics Exam Questions And Answers (Verified And Updated)
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Principles of Microeconomics Exam 
Questions And Answers (Verified And 
Updated) 
Scarcity - answera situation in which unlimited wants exceed the limited resources available 
to fulfill those wants 
shortage - answera situation in which the quantity demanded is greater than the quantity 
supplied 
microeconomics - answerthe study of how households and firms make choices, how they 
interact in markets, and how the government attempts to influence their choices 
macroeconomics - answerthe study o...
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WGU C201 Business Acumen Chapters 3 Question and answers rated A+ 2024
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WGU C201 Business Acumen Chapters 3 Question and answers rated A+ 2024 Factors Influencing Demand - correct answer Demand is driven by price, consumer preferences, the economy, the number of buyers in a market, customer incomes, price of substitutes and complimentary items. 
 
Factors of Production - correct answer Natural resources, capital, human resources and entrepreneurship. 
 
What is the key factor influencing demand? - correct answer Price 
 
Demand Curve - correct answer A graph...
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WGU- C718 Microeconomics Exam With 100% Correct Answers 2023
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WGU- C718 Microeconomics Exam With 100% Correct Answers 2023 
Marginal thinking 
what's next/ additional action 
 
 
 
Normal good (regular) 
a good that consumers demand more of when their incomes increase. 
Ex: "I'm still going to buy gas b/c I need it" 
 
 
 
Inferior good (luxury) 
a good that consumers demand less of when their incomes increase 
ex: I'm not going to buy as much ramen when I'm ballin' 
 
 
 
Price elasticity of demand 
a measure of the sensitivity of demand to changes...
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ACCA - F5 Study Questions With Complete Solutions SPRING FALL-2023/24 EDITION GUARANTEED GRADE A+
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What are the 3+1 stages of absorption costing? 
1. Allocation 
2. Apportionment 
3. Absorption = Production Cost 
4. Under/over = Non prod OH 
Why would you use Absorption Costing? 
Valuing Inventory 
Pricing Decisions 
Establishing profitability 
What are pros and cons of absorption and marginal costing? 
Absorption 
-Avoids varying profits if sales are seasonal 
-Consistent with accounting standards 
-Recognises Long Run variable costs 
 
-Implies OH related to production 
= Manipulate profit ...
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WGU C201 Business Acumen questions and answers
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WGU C201 Business Acumenbalanced budget 
situation in which total revenues raised by taxes equal the total proposed spending for the year. 
 
 
budget 
organization's plan for how it will raise and spend money during a given period of time. 
 
 
taxes, fees, and borrowing. 
The primary sources of government funds to cover the costs of the annual budget are 
 
 
budget deficit 
situation in which the government spends more than the amount of money it raises through taxes. 
 
 
budget surplus 
ex...
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Economics Vocabulary Latest Update 100% Correct
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Economics Vocabulary Latest Update 100% Correct Scarcity The resources we use to produce goods and services are limited. 
Economics The study of choices when there is scarcity. 
Factors of Production The resources used to produce goods and services; also known as production inputs or resources 
Natural Resources Resources provided by nature and used to produce goods and services. 
Labor Human effort, including both physical and mental effort, used to produce goods and services. 
Physical Capital...
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BSNS 113 Final Exam Revision Questions and Answers 100% Pass
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BSNS 113 Final Exam Revision Questions and Answers 100% Pass 
"Economy-wide phenomena including inflation, unemployment and economic growth" is what type of economics? Macroeconomics 
"The study of how house holds and firms make decisions and how they interact in markets" is what type of economics? Microeconomics 
What is Positive Analysis? A statement describing how something is 
What is Normative Analysis? A statement describing how something should be 
Which of the following is most likel...
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ECON 103 Final Exam 2023-2024 Questions & Answers (rated A)
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ECON 103 Final Exam Qu 
The overriding reason why households and societies face many decision is that - ANSWER-resources are scarce 
 
Melody decides to spend three hours working overtime rather than going to the park with her friends. She earns $20 per hour for overtime work. Her opportunity cost of working is - ANSWER-the enjoyment she would have received had she gone to the park 
 
If a tax is levied on the buyers of a product, then the demand curve will - ANSWER-shift down 
 
Which of the f...
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Economics 101 Questions and Answers Already Passed
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Economics 101 Questions and Answers Already Passed economics the study of how people make choices under conditions of scarcity and of the results of those choices for society 
rational person someone with well-defined goals who tries to fulfill those goals as best as he or she can 
economic surplus the benefit of taking any action minus its cost 
opportunity cost the value of the next-best alternative that must be foregone in order to undertake the activity 
positive economics economic analysis ...
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WGU C718 Microeconomics Exam With 100% Correct Answers | Verified | Latest Update
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WGU C718 Microeconomics Exam With 100% Correct Answers | Verified | Latest Update 
Consumer Surplus 
the amount a buyer is willing to pay for a good minus the amount the buyer actually pays for it 
 
 
 
market demand curve 
the demand curve that shows the quantities demanded by everyone who is interested in purchasing the product 
 
 
 
producer surplus 
the amount a seller is paid for a good minus the seller's cost of providing it 
 
 
 
explicit costs 
out-of-pocket costs for a firm, for exa...