ECON 101 - Midterm 1 Definitions - Statistics

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General Stats

This quiz has been taken 12 times
The average score is 6 of 14

Answer Stats

Hint	Answer	% Correct
The loss of potential gain from other alternatives	Opportunity Cost	100%
State when supply and demand are balanced	Equilibrium	83%
Analyzing by the next unit	Marginal	67%
Cost of doing one more thing	Marginal Cost	67%
The value an agent gains above what they are willing to pay/sell for	Surplus	67%
Benefit of doing one more thing	Marginal Benefit	50%
How quantity demanded responds to changes in price	Elasticity	33%
Demand does not change due to price	Inelastic	33%
Curve representing all possible production quantities given certain input	Production Possibility Frontier	33%
Lost surplus due to taxes, price controls, monopolies	Deadweight Loss	17%
Demand is very sensitive to price	Highly Elastic	17%
Lower income = lower demand	Income Effect	17%
Always assume everyone is rational	Rational Choice	17%
If price goes up, consumers switch to substitutes	Substitution Effect	17%

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