Studied by 1 personWhat is MRDARP?
Marginal Revenue=Demand, Average Revenue, Price
Jacob Clifford’s favorite band
ACDC
Marginal Cost curve shape
Nike logo
Profit maximizing formula for all firms
MR=MC
Wheels go round and round vehicle
Bus
Who is confronted by problem of scarcity?
Society
What is opportunity cost?
The cost when a decision is made
What does the law of demand state about price and quantity?
There is an inverse relationship between price and quantity
What makes a good inferior?
Demand increases when income falls
How does the change in price affect a complementary good when it changes?
Direct relationship
What is the equation for profit?
TR-TC
If looking at a table of total labor of each worker, how do you find marginal product?
Change in product/Change in input
How do you find the marginal cost on a table from 1 unit to 2
above-below
What is the shut down rule
AVC> price
How do you compute total value when given price and quantity?
PxQ
If there are two people in a prisoner’s dilemma and they have the choice to confess or not confess, what is their dominant strategy?
both confess
What type of profit do monopolies make in the long run?
Economic
Why is factor demand called “derived demand”?
Demand for resources is dependent on the product produced
What is it called when you have to pick one option out of many?
A trade-off
Formula for comparative advantage
Opportunity cost/units gained
Why do we have to make choices?
Scarcity
What is it called when you pay someone to do something?
Incentive
Note
Flashcard