What is consumer surplus?

What is producer surplus?

What is total surplus?

Give examples of how to calculate consumer surplus, producer surplus, and total surplus.

What is the general outcome of a tax in terms of equilibrium price and equilibrium quantity?

Do consumers pay more or less after a tax is imposed?

Do producers receive more or less after a tax is imposed?

How does elasticity affect the burden of taxation?

Does it matter whether the government levies a tax on consumers or producers?

What is positive externality? Give examples of positive externality.

What is marginal social benefit?

What is negative externality? Give examples of negative externality.

What is marginal social cost?

What is a common resource?

What is a private property?

What is a public good?

What is exclusivity? What is rivalry?

What is a free rider?

What is total utility?

What is marginal utility?

Give examples of how to calculate total utility and marginal utility.

What is the law of diminishing marginal utility?

Give an example of using the formula MUx/Px = MUy/Py.

What is an indifference curve?

Can an indifference curve cross?

Utility and indifference curve are used to derive what law?

What is accounting profit? Give an example of how to calculate accounting profit.

What is economic profit? Give an example of how to calculate economic profit.

What are explicit cost and explicit revenue?

What are implicit cost and implicit revenue?

Give examples of how to calculate total product (total output) and marginal product.

What is the law of diminishing marginal productivity?

What are the costs in the short run?

What are the costs in the long run?

Give examples of how to calculate total revenue, total cost, variable cost, fixed cost, marginal cost, ATC, AFC, and AVC.

What is the water-diamond paradox?