Micro 1

The height of an individual firm’s supply curve (measured at some quantity, Q)
shows

GB’s (gigabites) are a normal good. What is likely to happen to equilibrium price
and quantity, respectively, if the price of an input in the production of gigabites
increases and the income of consumers decreases simultaneously?

Minimum wage legislation

A ‘decrease in quantity demanded’ for a good refers to

An economic theory should be:

A ‘decrease in the demand’ for prostitution could be caused by

You observe sequence and conclude causality. This is what type of fallacy of
economic reasoning?

When attempting to determine average amount of weekly time VCU students
devote to studying, you gather data by surveying students as they leave the
library. You do your data gathering on Fridays, around 11pm. It is likely that
your analysis will suffer what type of fallacy of economic reasoning?

Highlighting price differences that have occurred over time without accounting
for inflation is which type of mistake

The height of an individual’s demand curve (measured at say quantity Q) shows

When we use the term “gains from trade,” we are referring to

Price controls cause which of the following

If you are ‘indifferent’ between two goods, A and B, this means you

Which of the following is caused by ‘Rent Control’ legislation?

Producer surplus can be thought of as which of the following

‘Cream Pies’ are an input in the production of ‘pies in the face’. If the price of
‘cream pies’ decrease, the equilibrium price and quantity of ‘pies in the face’,
respectively, will

Suppose I purchased a ‘Sweet 16’ t­shirt for $24. Which of the following
statements must be true

x) my marginal value for this shirt must be greater than or equal to $24
Y)­ my marginal value for a second ‘sweet 16’ t­shirt must be less than $24
Z) ­my marginal value for a third ‘sweet 16’ t­shirt will be less than the marginal value of a second one

An “increase in demand” for a good refers to

Dial­up domestic internet access is an inferior good. Ceteris paribus, if the
income of consumers increases, what should happen to the equilibrium price and quantity, respectively, of ‘Dial­Up Internet Access’?

The 1st law of demand implies that when the price of good X rises, ceteris
paribus, the result is

The 1st law of demand states that, ceteris paribus,

Standing up at the Rams’ game will get you a better view. Everyone standing
will give everyone a better view. This mistake in logic is called

Consumer surplus can be thought of as which of the following?

Five Guys burgers and fries are complements. Ceteris paribus, an increase in
the price of fries will cause what to happen to equilibrium price and quantity,
respectively of burgers? (what does our complement rule suggest happens)