Study Guides (248,617)
Canada (121,638)
York University (10,209)
Economics (643)
ECON 1000 (223)

ECON 101 MIDTERM 2 REVIEW CH 5 6 8.docx

7 Pages

Course Code
ECON 1000
Sandra Withworth

This preview shows pages 1 and half of page 2. Sign up to view the full 7 pages of the document.
CHAPTER 5 STUDY GUIDE QUESTIONSPARKIN AND BADE 8EDPg 71 Q2 The maximum price a consumer is willing to pay for a good is known as theaConsumer surplusbValue of a goodcRelative price of a gooddMoney price of a goodeMarginal cost of a goodPg 72 Q7 The marginal cost of a service isaThe opportunity cost of the first unit producedbThe maximum price producers must receive to induce them to supply an additional unit of the servicecThe value of all alternative foregonedIncreasing with increased outputeDecreasing with increased outputPg 72 Q8 A supply curve isaA marginal cost curvebA minimum supplyprice curvecAn opportunity cost of production curvedAll of the aboveeNone of the abovePg 73 Q12 At current output the marginal benefit of Furbys is greater than marginal cost To achieve an efficient allocation1 Furby output must increase 2 Furby output must decrease 3 the marginal benefit of Furbys will rise 4 the marginal cost of Furbys will falla1 and 3b1 and 4c2 and 3
More Less
Unlock Document

Only pages 1 and half of page 2 are available for preview. Some parts have been intentionally blurred.

Unlock Document
You're Reading a Preview

Unlock to view full version

Unlock Document

Log In


Join OneClass

Access over 10 million pages of study
documents for 1.3 million courses.

Sign up

Join to view


By registering, I agree to the Terms and Privacy Policies
Already have an account?
Just a few more details

So we can recommend you notes for your school.

Reset Password

Please enter below the email address you registered with and we will send you a link to reset your password.

Add your courses

Get notes from the top students in your class.