_____ is a branch of economics that typically deals with how prices are determined in the market and how markets adjust to a variety of different event.
Fill in the blank(s) with the appropriate word(s)
Answer: Microeconomics
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In peak-load pricing, once capacity is reached, the firm's short-run marginal cost curve becomes ________.
A) negative B) vertical C) horizontal D) upward sloping
Suppose the market demand function in a certain market where Q is measured in thousands of units is Qd = 20 - 2.5P, and the market supply function is Qs = 2.5P - 7.5. How much deadweight loss would there be in this market if the quantity bought and sold was 6,000 units?
A. $0.03 B. $25 C. $500 D. $2,500
Households
a. own and sell resources b. play a very minor role in the economy c. supply goods and services d. are the largest purchasers of resources e. none of the above
Economists typically suggest three choices that allow a polluter to decide how to absorb most, or perhaps all, of the social costs of its actions, which are
A) continuing to overproduce the good, lowering the price of the good, or cutting output. B) reducing the pollution-causing activity, changing production techniques, or paying a price to pollute. C) installing pollution abatement equipment, paying to pollute, or just ignoring the issue. D) paying a pollution tax, continuing to use existing production techniques, or continuing the polluting behavior without regard to the social implications.