No account required
Microeconomics Essentials — Play It Free
Play a refined economics review covering incentives, costs, markets, and elasticity.
The source notes
Microeconomics Essentials
- Opportunity cost:
- The value of the next-best alternative given up when making a choice.
- Marginal cost:
- The additional cost of producing one more unit.
- Elastic demand:
- Demand in which quantity changes proportionally more than price.
- Price ceiling:
- A legal maximum price that can create a shortage when set below equilibrium.
- Externality:
- A cost or benefit from a transaction affecting a third party.
- Comparative advantage:
- Ability to produce at a lower opportunity cost than another producer.
Choose a game
Build games from what you are studying
Upload a photo, PDF, slide deck, or notes. Your first three guides are free.
By signing in with Google, you agree to our Terms and Privacy Policy.