ECON 201 Final Exam Questions And Answers Verifeid 100% Correct

ECON 201 Final Exam Questions And Answers Verifeid 100% Correct positive externalities -ANSWER -benefits the 3rd party. example of positive externalities -ANSWER -vaccines negative reinforcement -ANSWER -harms the 3rd party. negative reinforcement example -ANSWER -air pollution externalities is government- -ANSWER --stopping a person from harming a third party Paternalism is government- -ANSWER --stopping from hurting themselves Price Elasticy -ANSWER -measures consumer response to price changes that will impact the sales. perfect competition -ANSWER -products with substitutes, free entry/exit, no firm big enough to dominate, firms have equal access to information Monopoly -ANSWER -one firm controls market, not a price taker what happens when the government sets a price ceiling -ANSWER causes a shortage if demand increases- -ANSWER --demand shifts to the right if demand decreases- -ANSWER --demand shifts left if supply increases- -ANSWER --supply moves right if supply decreases- -ANSWER --supply moves left makes up a large part of the market.