📈

Microeconomics Flashcards

Playing as a guest

You can play free without an account. Create one to save scores and resume later.

Create account Log in Continue as guest

Microeconomics Flashcards

30 cards · Click to flip · Free study mode

All 30 flashcards for Microeconomics

Demand means?: Willingness to buy
What measures price rise?: CPI
What is microeconomics?: Individual units
Which curve shows demand?: Downward
What is elasticity?: Responsiveness
What is oligopoly?: Few sellers
What hapepeens to demand when price increases (generally)?: Decreases
A market structure with many sellers selling identical products is?: Perfect Comepeetition
What is the law of demand?: Price up - Demand down
Which tyepee of good has demand increase as income increases?: Normal Good
What hapepeens to supply when production costs decrease?: Increases
What are 'Giffen Goods'?: Inferior goods that defy law of demand
What is the term for the price at which quantity demanded equals quantity supplied?: Equilibrium Price
What is 'Elasticity of Demand'?: Responsiveness of demand to price change
What is 'Marginal Utility'?: Additional satisfaction from one more unit
What is 'Supply'?: Amount available for sale at a price
What is 'Price Ceiling'?: Maximum legal price
What is 'Utility'?: Satisfaction or usefulness derived from a good
What is the 'Law of Supply'?: Price up Supply up
What is a 'Monopoly'?: One seller
What is 'Equilibrium'?: Quantity supplied equals quantity demanded
What is 'Marginal Cost'?: Cost of producing one more unit
What is a 'Giffen Good'?: An inferior good that defies demand laws
What is 'Deadweight Loss'?: Loss of economic efficiency
What is 'Monopsony'?: One buyer
What are 'Veblen Goods'?: Luxury goods where demand rises with price
What is 'Demand'?: Desire and ability to buy
What is 'Normal Good'?: Demand rises as income rises
What is 'Inferior Good'?: Demand falls as income rises
What is 'Consumer'?: A epeerson who buys goods