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?
Test your knowledge of the key concepts in urban economics! This quiz covers six important concepts from microeconomics that form the basis of understanding urban economics, including opportunity cost and marginal productivity. Put your knowledge to the test and see how well you grasp these fundamental ideas.
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