Summary: Emba: Markets And Economies

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Read the summary and the most important questions on EMBA: MARKETS AND ECONOMIES

  • 1 Microeconomics I: Supply & Demand

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  • 1.1.1 What is Microeconomics?

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  • What are the two assumptions that macroeconomists make about their study of economic units and how they behave?

    They are rational
    They seek to maximize the benefits they gain
  • 1.1.2 The Demand Curve

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  • True or False. Just like individual demand curves, market demand curves can shift too.

    True
  • What plots the quantity of a good or service demanded at different prices?

    Demand Curve (DC)
  • 1.1.3 The Supply Curve

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  • What law states that when the market price for a good or service increases, the quantity that suppliers produce and sell increases, and vice versa?

    Law of Supply
  • True or False. Buyers have demand schedules, and sellers have supply schedules.

    True
  • What plots the supply schedule?

    Supply Curve (SC)
  • True or False. When supply curve shifts to the left, market supply has increased, and when shifts to the right it decreased.

    False
  • 1.1.4 Law of Supply and Demand

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  • What is the synonym of Equilibrium Price?

    Market-Clearing Price
  • If supply > demand, there is a ________. Prices will drop until equilibrium is met.

    Surplus
  • True or False. Supply = demand: The market has reached equilibrium.

    True

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