Econ Midterm Review

Front

Sarah's choice: concert vs. overtime.

Back

Opportunity cost

Front

Tax on sugary drinks to reduce consumption is an example of:

Back

Incentive

Front

A farmer grows wheat; another focuses on dairy. They benefit from exchanging goods. This shows:

Back

Comparative advantage

Front

City policy caps rent at $1,000, while market equilibrium is $1,200.

Back

Shortage of apartments

Front

Effect of milk price increase on demand:

Back

Price elasticity of demand

Front

Marginal product of the second worker when 1 worker produces 100 kg and 2 workers produce 120 kg.

Back

20 kg

Front

Rise in movie ticket prices leads to lower popcorn sales. These goods are:

Back

Complements

Front

Aarav's factory can boost output without raising average total cost.

Back

Economies of scale

Front

Olivia's increased purchase of organic vegetables after a raise indicates they are:

Back

Normal goods

Front

Marginal cost of producing 11 units (costs: 10 units - $200, 11 units - $220):

Back

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