Principles
Principles
ofPrinciples
Microeconomics_
of Microeconomics_
of Microeconomics_
Consumer
Consumer
Behavior,
Consumer
Behavior,
Costs,
Behavior,
Costs,
and Market
Costs,
and Market
and
Structures
Market
Structures
–
Structures
comprehensive
– comprehensive
– comprehensive
study study
guidestudy
guide
and exam
guide
and exam
review
and exam
review
material.pdf
review
material.pdf
material.pdf
Principles of
Microeconomics:
Consumer
Behavior, Costs,
and Market
Structures –
comprehensive
study guide and
exam review
material
Principles
Principles
ofPrinciples
Microeconomics_
of Microeconomics_
of Microeconomics_
Consumer
Consumer
Behavior,
Consumer
Behavior,
Costs,
Behavior,
Costs,
and Market
Costs,
and Market
and
Structures
Market
Structures
–
Structures
comprehensive
– comprehensive
– comprehensive
study study
guidestudy
guide
and exam
guide
and exam
review
and exam
review
material.pdf
review
material.pdf
material.pdf
,Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
Study guide
katdelate
Terms in this set (153)
What is the highest-valued alternative Opportunity cost
that must be given up to engage in an
activity?
What is a common mistake made by Ignoring sunk costs
consumers?
Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
,Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
What does standard economic theory They are irrelevant in making economic decisions.
assert about sunk costs?
What could explain why sunk costs People measure the value of a good in terms of its
often affect economic decisions? purchase price.
Why might consumers not act They may not realize their actions are inconsistent
rationally? with their goals.
What is the term for the observation Endowment effect
that people value something more
highly when they own it?
Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
, Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
What does the endowment effect People have a strong attachment to their property,
suggest about people's attachment to regardless of its cost.
property?
What is a sunk cost? A cost that has already been paid and cannot be
recovered.
What is the rational decision regarding The cost of the ticket should not influence your
a non-refundable movie ticket if you decision.
decide not to go?
What is the endowment effect? The tendency of people to be unwilling to sell a
good they already own even if offered a higher price.
Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
Principles
ofPrinciples
Microeconomics_
of Microeconomics_
of Microeconomics_
Consumer
Consumer
Behavior,
Consumer
Behavior,
Costs,
Behavior,
Costs,
and Market
Costs,
and Market
and
Structures
Market
Structures
–
Structures
comprehensive
– comprehensive
– comprehensive
study study
guidestudy
guide
and exam
guide
and exam
review
and exam
review
material.pdf
review
material.pdf
material.pdf
Principles of
Microeconomics:
Consumer
Behavior, Costs,
and Market
Structures –
comprehensive
study guide and
exam review
material
Principles
Principles
ofPrinciples
Microeconomics_
of Microeconomics_
of Microeconomics_
Consumer
Consumer
Behavior,
Consumer
Behavior,
Costs,
Behavior,
Costs,
and Market
Costs,
and Market
and
Structures
Market
Structures
–
Structures
comprehensive
– comprehensive
– comprehensive
study study
guidestudy
guide
and exam
guide
and exam
review
and exam
review
material.pdf
review
material.pdf
material.pdf
,Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
Study guide
katdelate
Terms in this set (153)
What is the highest-valued alternative Opportunity cost
that must be given up to engage in an
activity?
What is a common mistake made by Ignoring sunk costs
consumers?
Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
,Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
What does standard economic theory They are irrelevant in making economic decisions.
assert about sunk costs?
What could explain why sunk costs People measure the value of a good in terms of its
often affect economic decisions? purchase price.
Why might consumers not act They may not realize their actions are inconsistent
rationally? with their goals.
What is the term for the observation Endowment effect
that people value something more
highly when they own it?
Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
, Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
What does the endowment effect People have a strong attachment to their property,
suggest about people's attachment to regardless of its cost.
property?
What is a sunk cost? A cost that has already been paid and cannot be
recovered.
What is the rational decision regarding The cost of the ticket should not influence your
a non-refundable movie ticket if you decision.
decide not to go?
What is the endowment effect? The tendency of people to be unwilling to sell a
good they already own even if offered a higher price.
Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf Principles of Microeconomics_ Consumer Behavior, Costs, and Market Structures.pdf
