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Все вопросы
- Under perfect competition, price is determined by the interaction of total demand and …. #91
- The out of pocket costs are …. #92
- Economics proceeds by making … of social phenomena, which are simplified representations of reality. #93
- Prices adjust until the amount that people demand of something is equal to the amount that is supplied. This is known as: #94
- A market where each economic agent takes the market price as outside of his or her control is called a super market. #95
- The … consists of all bundles of goods that the consumer can afford at given prices and income. We will typically assume that there are only two goods, but this assumption is more general than it seems. #96
- The … is written as p1x1+p2x2 = m. It has a slope of −p1/p2, a vertical intercept of m/p2, and a horizontal intercept of m/p1. #97
- Increasing income shifts the budget line …. Increasing the price of good 1 makes the budget line steeper. Increasing the price of good 2 makes the budget line flatter. #98
- Taxes, subsidies, and rationing change the slope and position of the budget line by changing the … paid by the consumer. #99
- The economic theory of the consumer is very simple: economists assume that consumers choose the … bundle of goods they can afford. #100