Urban Economics

Which concept from microeconomics is defined as the value of the next best alternative that must be forgone in order to pursue a certain action?

Opportunity Cost

What is the economic cost that involves an explicit monetary payment for an input called?

Explicit cost

What is the opportunity cost of inputs that are not subject to an explicit monetary payment called?

Implicit cost

Which concept from microeconomics refers to a situation in which no player can benefit by changing their strategy, assuming the strategies of others remain unchanged?

Nash Equilibrium Signup and view all the answers

What is the concept from microeconomics that focuses on the efficient allocation of resources such that no one can be made better off without making someone else worse off?

Pareto Efficiency Signup and view all the answers

What are the six key concepts from microeconomics that provide a foundation for urban economics?

<ol> <li>Opportunity Cost</li> <li>Marginal Principle</li> <li>Nash Equilibrium</li> <li>Comparative Statics</li> <li>Pareto Efficiency</li> <li>Self-Reinforcing Changes</li> </ol> Signup and view all the answers

Define opportunity cost in the context of urban economics.

Opportunity cost is the value of the next best alternative that must be forgone in order to pursue a certain action. Signup and view all the answers

What are the two types of economic cost?

The two types of economic cost are explicit cost and implicit cost. Signup and view all the answers

Differentiate between explicit cost and implicit cost.

Explicit cost involves an explicit monetary payment for an input, while implicit cost is the opportunity cost of inputs that are not subject to an explicit monetary payment. Signup and view all the answers

What is the value of the next best alternative that must be forgone in order to pursue a certain action called?

The value of the next best alternative that must be forgone in order to pursue a certain action is the opportunity cost. Signup and view all the answers

Urban Economics

Questions and Answers

Which concept from microeconomics is defined as the value of the next best alternative that must be forgone in order to pursue a certain action?

What is the economic cost that involves an explicit monetary payment for an input called?

What is the opportunity cost of inputs that are not subject to an explicit monetary payment called?

Which concept from microeconomics refers to a situation in which no player can benefit by changing their strategy, assuming the strategies of others remain unchanged?

What is the concept from microeconomics that focuses on the efficient allocation of resources such that no one can be made better off without making someone else worse off?

What are the six key concepts from microeconomics that provide a foundation for urban economics?

Define opportunity cost in the context of urban economics.

What are the two types of economic cost?

Differentiate between explicit cost and implicit cost.

What is the value of the next best alternative that must be forgone in order to pursue a certain action called?

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