Chapters 1, 2, and 3
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| Microeconomics deals with | show 🗑
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| The primary emphasis in macroeconomics is on | show 🗑
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| Scarcity exists when | show 🗑
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| A resource is anything that | show 🗑
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| show | the value of the best alternative forgone in making any choice
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| show | whatever you have given up to make that choice, even if no monetary costs are involved
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| show | tuition, the cost of books, and forgone income
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| show | making choices at the margin
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| The concept of the margin deals with | show 🗑
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| show | refers to decision about whether to do a bit more or a bit less of an activity
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| A simplified representation that is used to study a real situation is called | show 🗑
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| show | simplify reality in order to highlight what really matters
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| show | focus on the effects of only one change at a time
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| show | if all resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced
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| Technological improvements will | show 🗑
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| show | trade-offs; produces
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| show | inefficient production points
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| All points on the production possibility frontier are | show 🗑
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| All points outside the production possibility frontier are | show 🗑
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| show | an increasing
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| show | many; few
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| The law of demand states that other things equal | show 🗑
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| Which of the following examples illustrates the law of demand | show 🗑
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| show | the price of thin-crust pizza
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| If goods A and B are substitutes, a decrease in the price of good B will | show 🗑
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| show | demand increases when income increases
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| show | demand decreases when income increases
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| The demand curve for videos has shifted to the right. What could have caused it? | show 🗑
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| The typical supply curve illustrates that | show 🗑
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| show | consumer tastes
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