UNC ECON 101-Final Exam Review 2026 Most Recent Exam
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Substitutes in Production
alternative products that producers could use their resources to make. If
good x increases in price, then the firm will supply more of x. Therefore, they
will not use as many resources to supply good y, a similar good. This means
the quantity supplied of good y will fall.
Law of Demand
consumers buy more of a good when its price decreases and less when its
price increases
Quantity Demanded
the amount of a good that buyers are willing and able to purchase
Demand Schedule
a table that shows the relationship between the price of a good and the
quantity demanded
Demand Curve
a graph of the relationship between the price of a good and the quantity
demanded
,Market Demand
the sum of all the individual quantity demands for a particular good or service
Quantity Supplied
The amount of a good or service that a firm is willing and able to supply at a
given price
Supply Curve
the graphical representation of the relationship between price and quantity
supplied
Supply Schedule
a table that show the relationship between the price and quantity supplied
Law of Supply
producers offer more of a good as its price increases and less as its price falls
Marginal Benefit
the additional benefit to a consumer from consuming one more unit of a good
or service (demand curve)
Willingness to Pay (WTP)
the maximum amount that a buyer will pay for a good
,Consumer Surplus
the difference between what you are willing to pay and what you actually pay.
((WTP - P)
(Q) = CS)
Marginal Cost
the cost of producing one more unit of a good (supply curve)
Producer Surplus
the difference between the price sellers receive for a good or service and how
much it costs to make it. ((P-MC) (Q) = PS)
Total Surplus
consumer surplus + producer surplus
Economic Efficiency
occurs the marginal cost of producing is exactly equal to the marginal benefit
from consuming it. Total surplus is maximized.
Deadweight Loss
the reduction in economic surplus resulting from a market not being in
equilibrium
Elasticity
measure of the responsiveness of one economic variable to a change in
another economic variable
, Price Elasticity of Demand
how responsive quantity demanded is to a change in price, ceteris paribus.
How responsive consumers are to price changes.
Perfectly Elastic Demand
the case where the quantity demanded is infinitely responsive to price and the
price elasticity of demand equals infinity. If price increases quantity demanded
will equal 0, if price decreases quantity demand will equal infinity.
ex. firms in perfectly competitive markets: if price is raised no one will buy their
goods because they will go buy the identical good at cheaper prices
elsewhere.
Perfectly Inelastic Demand
the case where the quantity demanded is completely unresponsive to price
and the price elasticity of demand equals zero.
ex. insulin, necessities
Elastic Demand
consumers (quantity demanded) are responsive to price changes
|Elasticity| > 1 aka %ΔQd > %ΔP
Actual Complete Real Exam Questions And Correct Answers
(Verified Answers) Already Graded A+ || Guaranteed Success!!
Newest Exam | Just Released!!
Substitutes in Production
alternative products that producers could use their resources to make. If
good x increases in price, then the firm will supply more of x. Therefore, they
will not use as many resources to supply good y, a similar good. This means
the quantity supplied of good y will fall.
Law of Demand
consumers buy more of a good when its price decreases and less when its
price increases
Quantity Demanded
the amount of a good that buyers are willing and able to purchase
Demand Schedule
a table that shows the relationship between the price of a good and the
quantity demanded
Demand Curve
a graph of the relationship between the price of a good and the quantity
demanded
,Market Demand
the sum of all the individual quantity demands for a particular good or service
Quantity Supplied
The amount of a good or service that a firm is willing and able to supply at a
given price
Supply Curve
the graphical representation of the relationship between price and quantity
supplied
Supply Schedule
a table that show the relationship between the price and quantity supplied
Law of Supply
producers offer more of a good as its price increases and less as its price falls
Marginal Benefit
the additional benefit to a consumer from consuming one more unit of a good
or service (demand curve)
Willingness to Pay (WTP)
the maximum amount that a buyer will pay for a good
,Consumer Surplus
the difference between what you are willing to pay and what you actually pay.
((WTP - P)
(Q) = CS)
Marginal Cost
the cost of producing one more unit of a good (supply curve)
Producer Surplus
the difference between the price sellers receive for a good or service and how
much it costs to make it. ((P-MC) (Q) = PS)
Total Surplus
consumer surplus + producer surplus
Economic Efficiency
occurs the marginal cost of producing is exactly equal to the marginal benefit
from consuming it. Total surplus is maximized.
Deadweight Loss
the reduction in economic surplus resulting from a market not being in
equilibrium
Elasticity
measure of the responsiveness of one economic variable to a change in
another economic variable
, Price Elasticity of Demand
how responsive quantity demanded is to a change in price, ceteris paribus.
How responsive consumers are to price changes.
Perfectly Elastic Demand
the case where the quantity demanded is infinitely responsive to price and the
price elasticity of demand equals infinity. If price increases quantity demanded
will equal 0, if price decreases quantity demand will equal infinity.
ex. firms in perfectly competitive markets: if price is raised no one will buy their
goods because they will go buy the identical good at cheaper prices
elsewhere.
Perfectly Inelastic Demand
the case where the quantity demanded is completely unresponsive to price
and the price elasticity of demand equals zero.
ex. insulin, necessities
Elastic Demand
consumers (quantity demanded) are responsive to price changes
|Elasticity| > 1 aka %ΔQd > %ΔP
