ECO 204 ECO/204 ECO204 Week 2 Quiz Answers
ECO 204 ECO/204 ECO204 Week 2 Quiz
- Opportunity costs are
- When price changes, one should expect a change in
- When economists make the assumption that wants are unlimited, they mean that most people
- If left alone, a market-directed economy will
- Ceteris paribus, as applied in demand theory, means
- In Collegia, a small college town, the market for parking spaces is in equilibrium at a going price of $5 a day. There are 1,500 spaces and they are all sold every day with no unsatisfied buyers. Now the college takes in 200 more students, each of whom also wants a parking space at $5 a day. If there is a normal, upward-sloping supply curve, what will happen when the market has time to adjust?
- The measure of the cost of a particular good in terms of what is given up to produce that good is called
- All but which one of the following could shift the demand curve?
- Macroeconomics is the study of
- The Wall Street Journal carried a story on a type of grocery store that operates with few services and limited use of attractive displays, but with lower prices than its competitors. This decision of the owners is a way of answering a question that every society must face. Which of the following is that question?
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