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Microeconomics 1 Quiz

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1. How does the inut price (3) affect the supply curve?




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2. Relative price




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3. Formula of Price Elasticity of Demand




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4. What is a luxury?




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5. How does a tax on the sellers affect the equilibirum price?




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6. What is a price ceiling?




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7. What is he formula for the Income Elasticity of Demand?




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8. Law of demand




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9. What are the properties of preferences?




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10. How does the preferences/taste (2) affect the demand curve?




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11. A change in Q greater than 1% when price changes 1%. Elasticity>1




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12. 1. Price 2. Technology 3. Input prices (cost of production) 4. Prices of related goods (substitutes/complements) 5. Nº of producers 6. Expectations 7. Other (industry specific) factors




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13. A stop the goverment puts to the price, its the minimum price you can buy/sell a product




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14. With a rise in the nº of consumers, the curve shifts right, same price, more buyers. If the nº of buyer decreases, same price less demand




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15. The price "per se" of a good




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16. Tending to vertical. Big changes in P means low changes in Q




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17. With indiference curves (IC) and utility function u(.)




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18. E(pr)>0 <=> Pr^ => Qr v => Q ^




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19. The quantity of a good I'm willing to buy for all prices




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20. E(pr)<0 <=> Pr^=> Qr v => Q v





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