ECF1100 - Microeconomics - S1 2025
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A rational decision maker takes an action only if the:
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If both demand and supply decrease then it is a certainty that:
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A butcher only makes sausages, and a farmer only makes potato chips but each loves both foods:
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People make decisions at the margin by:
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If the supply of land is fixed, a tax on land would be paid:
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After a tax, the price producers receive for the product is equal to:
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Alice says that she likes banana splits, but if the price increased, she would not buy them, meaning:
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Suppose hail storms damage vineyards in Victoria, consumer surplus in the market for wine:
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The production of more physical and human capital goods will have which of the following results?
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If demand is given by qd = 20 – P and supply is given by qs = P, then producer surplus is:
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