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Exam 3
Jan Duave- MicroAgEcon
20
Economics
Undergraduate 3
11/07/2007
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Term
Marginal
 Definition
Additional
Term

Profit

 Definition
Goal of Business
Term
Demand
 Definition
A schedule of prices and quantities
Term
Game Theory
 Definition
Strategic behavior
Term
Quanitity Supplied
 Definition
Amount for sale at a particular price
Term
Opportunity Cost
 Definition
What was given up
Term
Long Run
 Definition
Multiple production periods
Term
Normal Profit
 Definition
Minimum return to keep investment
Term
Price discrimination
 Definition
Charging different prices
Term
Oligopoly
 Definition

Firms are interdependent
Term
Utility
 Definition
Value or benefit
Term
Economies of scale
 Definition
cost reduction from getting bigger
Term

Diminishing returns

 Definition
declining marginal product
Term
Marginal Cost
 Definition
Cost of additional unit
Term
Productivity
 Definition
Output per input
Term
wage
 Definition
price of labor
Term
Price floor
 Definition
government set minimum price
Term
Own Price Elasticity
 Definition
Responsiveness of Q to change in P of the good
Term
Market
 Definition
Where goods are exchanged
Term
Fallacy of composition
 Definition
must be true of everyone
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