Economic vs Accounting profit   What is the difference between economic and accounting profit? Is one method better than the other? Why or why not?   Perfect Competition   What is perfect competition? Does it exist in the real world? Why or why not?   Monopoly vs Monopolistic Competition   Compare and contrast monopoly and […]

Market Equilibrium   Why is market equilibrium most desirable?   Surplus   Describe Consumer and producer surplus? What do they measure?   International Trade   Discuss the pros and cons of globalization and international trade.   Externalities   What are externalities? What are some of the policies against them?   Supply & Demand   How […]

Discuss the Ten Principles of Economics.   Law of Supply   Describe the Law of Supply. What is the difference between a movement along the supply curve and a shift in the supply curve?   Law of Demand   Describe the Law of Supply. What is the difference between a movement along the curve and […]

Which of the following statements is true about a downward-sloping demand curve that is a straight line?   The best example of positive externality is:   Suppose that college tuition is higher this year than last and that more students are enrolled in college this year than last year.  Based on this information, we can […]

George Davis and Michael Wohlgenant estimate that for every 1 percent increase in the price of Christmas trees, quantity demanded falls by 0.6 percent. The demand for Christmas trees is __________________.   A Wall Street Journal headline reads: “Cigar Shortage Draws New Brands into Market.” The shortage resulted from a renewed interest in smoking cigars. […]

An economist who is studying the relationship between the money supply, interest rates, and the rate of inflation is engaged in   A basic difference between microeconomics and macroeconomics is that microeconomics   The distinction between supply and the quantity supplied is best made by saying that   After several years of slow economic growth, […]

A perfectly competitive firm sells 10 units of Good X at a price of $2 per unit. It incurs a fixed cost of $5 and a variable cost of $40 to produce the good. Which of the following is true?   Mike sells navel oranges in a market where there are a lot of other […]

Ten Principles of Economics and How Markets Work   As part of a marketing research committee for your organization, you have been assigned the task of preparing a 700-1,050 word research paper about current microeconomic thought and theory.   Use Principles of Microeconomics, Chs. 1, 2, 3, 4, 5, and 6, as the source for […]

Principles of Microeconomics   Theory of Consumer Choice and Frontiers of Microeconomics   Option #1 Word Count: 1,254 words!   Option #2 Word Count: 1,005 words!   Option #3 Word Count: 1,429 words!   Your team been asked to assist your organization’s marketing department to better understand how consumers make economic decisions.   Write a […]

Select an organization your team is familiar with or an organization where a team member works.   Develop a 15- to 20-slide Microsoft PowerPoint presentation to be presented to the CEO’s executive committee that addresses how your chosen organization determines what quantity of labor to demand and what events could shift the demand and supply […]