The condition that exists when all markets in an economy are in simultaneous equilibrium is known as

Economics Final

According to the theory of comparative advantage, a country should

specialize in and export goods with the lowest opportunity cost

Which of the following is NOT an example of price discrimination

Assume that fruit baskets are sold in the perfectly competitive market. The market price of a fruit basket is $15. To maximize profits, Exotic Fruit should sell _____ fruit baskets and their profit is ____.

If the demand for sardines increases as income decreases, sardines are a(n)

When _____ substitutes exist, a firm in an imperfectly competitive industry has ___ power to raise price.

The value of the slope of a societys production possibility frontier is called its

Suppose that you purchased a ticket to a jazz festival for $100 from an online ticket broker. Once you arrived at the festival, you discovered that parking costs you an additional $15. In this situation, the additional $15 you pay for parking is an example of?

A fall price in 7-up that causes a household to shift its purchasing pattern away from sprite and toward 7-up is the ___ effect of a price change.

Study with Quizlet and memorize flashcards containing terms like General equilibrium, specialize in and export goods with the lowest opportunity cost, mattress sales on Memorial Day and more.

Economics Final Flashcards

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