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University of Arizona Econ 200 Exam 1
2024-2025. Questions & Correct
Answers. Graded A
black market price – ANS quantity supplied as a result of surplus where
new quantity meets demand
competitive market – ANS a market in which there are many buyers and
sellers of the same good or service, none of whom can influence the price
at which the good or service is sold
economics - ANSstudy of how limited resources are allocated
economy requirements - ANSwants and needs
limited resources
resource allocation
elasticity of price - ANSwhen price increases, total revenue decreases
Five Foundations of Economics - ANSincentives, trade-offs, opportunity
cost, marginal thinking, the principle that trade creates value
imperfect market - ANSbuyer or seller has an influence on the price
input costs - ANSthe price of the resources needed to produce a good or
service, decreases supply
