Sept 11 2017 quiz on some micro terms
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| Opportunity cost | show 🗑
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| Centrally planned economy | show 🗑
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| Factors of production | show 🗑
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| show | Where economic activity is undertaken by companies and indiviuduals who are free to operate without undue government interference.
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| Mixed Economy | show 🗑
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| show | That factors that lower the average cost of production as the industry grows in size and that benefits all firms in the industry.
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| External diseconomies of scale | show 🗑
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| Internal economies | show 🗑
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| show | The factors that cause a firms average cost of production to rise once the firms reaches a certain size.
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| Commodity markets | show 🗑
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| show | A market that supplies goods and services that give consumers utility and for which they are willing to pay a price.
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| Intermediate market | show 🗑
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| Complemetary goods | show 🗑
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| Substitute good | show 🗑
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| show | The physical limit to the quantity of good a firm is able to supply.
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| show | A situation where quantity supplied is fixed regardless of price.
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| show | The responsiveness of the demand for one good to a change in the price of another good.
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| show | The responsiveness of demand for a good to changes in income.
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| show | A good is said to have unit elasticity of demand if the proportionate change in quantity demanded is equal to the proportionate change in price.
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| show | If increasing quantities of a variable factor are combined with a given amount of a fixed factor eventually a stage will be reached where the addition to total output (that is, marginal output) will decline.
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| Marginal cost | show 🗑
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| Supernormal profit (SNP) | show 🗑
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| Free entry and exit | show 🗑
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| Long- run equilibrium | show 🗑
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| show | The combination of price and quantity that gives the firm the highest profit in the short run.
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| show | Obstacles preventing the arrival of new firms to compete with the monopolist.
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| Patent | show 🗑
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| show | The selling of the same good (or service) to different customers at different prices, where the difference in price is not caused by differences in costs.
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| Product differentiation | show 🗑
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| Price rigidity | show 🗑
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