Econ b251 exam 2

Study with Quizlet and memorize flashcards containing terms like When a market price allocates a scarce resource, the people who are willing and able to pay the market price get the resource., In a general admission event with tickets, which method is used to allocate the best locations to experience the event ? A- Command B- First-come, First-served C- …

Econ B251: Short Run Costs to the Firm at Indiana University Kelley School of Business short run costs to the firm: marginal and average costs is there. ... ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon 100% (1) 64. Notes for Econ B251.ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon. Practice materials. 100% (4) 3. ECON-B 251 Midterm Study Guide. Fundamentals of ECon. Practice materials. 100% (2) 3. Econ B251: Firms and Industries. Fundamentals of ECon. Lecture notes. 100% (9) 64. Notes for Econ B251 ...individuals likely to engage in risky behavior b/c others will bear the costs of thier actions (princp agent problem) principal-agent problem. one persons decisions affect another persons. occurs when bus owners and workers self interests are not aligned. 3 types of bus org. proprietorship, partnership, corporation.1. As society attempts to produce more of a good, the opportunity cost of additional units of that good generally increase 2. Bowed out PPC, not straight line 3. The marginal cost of a good or service is the opportunity cost of producing ONE more unit of itEcon B251: Price Ceilings at Indiana University Kelley School of Business this means that if resources are allocated efficiently, they may also be allocated. ... ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon 100% (4) 3.

Study with Quizlet and memorize flashcards containing terms like One of the most likely unintended consequences of publishing College Rankings is 1. Students are better informed 2. The probability of getting accepted by a safety school increases 3. The probability of getting accepted by a safety school decreases 4. Acceptance rates at Ivy League …Econ b251 Module 6. in unrestricted (free or unregulated) perfectly competitive markets, rationing is . . . Click the card to flip 👆. efficient (not always fair) Click the card to flip 👆. 1 / 32.c. An employer's total payroll costs usually exceed total wages expense by about 71 / 2 71 / 2 71/2 percent. d. Under current law, employers are required to pay Social Security taxes on employees' earnings, but they are not required to pay for health insurance.Study with Quizlet and memorize flashcards containing terms like When a market price allocates a scarce resource, the people who are willing and able to pay the market price get the resource., In a general admission event with tickets, which method is used to allocate the best locations to experience the event ? A- Command B- First-come, First-served C- Personal Characteristics D- Contest ...ECO 201 Exam 2 UKY. 109 terms. alana_copas20. Preview. Econ 440 Exam 1. 79 terms. Olivia_McKerrow. Preview. SIE - Chapter 19. 18 terms. Calissa_G. Preview. UKY MKT 300 Final exam Hapke Fall 2023. 63 terms. MichaelW345. Preview. Homework 9 - BIO 102. 9 terms. darkred_ Preview. Soc 1 Midterm 2.

The basic version of the Solow model is consistent with which of the following observations. a. The growth rate of real per capita GDP in the US from 1880 to 2000 averaged 1.8 % annually. b. In the period between 1960 and 1990 the growth rate of the US was about 2% annually, but the growth rate in India was about 1.5%. c.Books. Gans king mankiw. Studying ECON B251 Fundamentals of ECon at Indiana University? On Studocu you will find 143 lecture notes, 14 practice materials, 11 summaries and much more for ECON.SUBS EFFECT > INCOME EFFECT. Giffen good. Higher amount of income reduces quantity demanded BUT the decrease in price actually DECREASES consumption of the good on the x-axis. SUBS EFFECT < INCOME EFFECT. Study with Quizlet and memorize flashcards containing terms like Budget Lines, Budget line equation, Utility and more.ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon. Practice materials. 100% (2) 3. ECON-B 251 Midterm Study Guide. Fundamentals of ECon. Practice materials. 100% (2) 3. Econ B251: Firms and Industries. Fundamentals of ECon. Lecture notes. 100% (9) 64. Notes for Econ B251 ...

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ECON B-251: Modules 5-8. graphically, consumer surplus is... Click the card to flip 👆. the area above price but below demand. Click the card to flip 👆. 1 / 47.Quiz yourself with questions and answers for ECON B-251 EXAM 1, so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material.Study with Quizlet and memorize flashcards containing terms like Normal Good, Inferior Good, Complements and more.Econ b251 Module 5. 55 terms. Images. brittsoudan. ECON B-251: Modules 5-8. 47 terms. albattis. B251 Exam 2. 207 terms. Images. ... 43 terms. emderm. ECON-B 251: Module 7. 67 terms. Images. emderm. MUS-Z 200 Exam #2. 73 terms. emderm. 1/2. Flickr Creative Commons Images. Some images used in this set are licensed under the Creative Commons ...

ECON-B 251 Test 1. economics. Click the card to flip 👆. the study of how people allocate their limited resources to satisfy their unlimited wants; the study of how people make choices. Click the card to flip 👆. 1 / 119.Study with Quizlet and memorize flashcards containing terms like Imagine that there is a per unit tax of $5 on blue blouses. If markets for all blouses are competitive, then the price of red blouses will _____ and the quantity of red blouses purchases will______., There is technological progress that makes light bulbs more durable. If light bulbs are sold in competitive markets, then the price ...Stella left her $30,000 per year job as an office manager to paint houses and be her own boss. in her first year, Stella received $50,000 in payments from her customers and paid $15,000 for paint and supplies. Stella's economic profit in her first year is? ECON 1100 EXAM 2.B251 Graf Economics Exam #2. Flashcards. Learn. Test. Match. Flashcards. Learn. Test. Match. Created by. charhawes10 PLUS. Modules 5-8. Terms in this set (144) To answer the question "for whom," we must choose a. rationing mechanism. Types of rationing. price rationing, non price rationing. Price rationing.efficient quantity. - the quantity that produces the largest economic surplus. - quantity where marginal benefits equal marginal costs. - where supply and demand intersect (the surplus-maximizing quantity) gains from trade. the benefits you get from reallocating stuff to its better uses. ECON 202 Meer Exam 2. positive analysis.Seats Avail Wait ECON-B 251 FUND OF ECON FOR BUSINESS I (3 CR) 34270 09:25A-10:40A TR WB WEB Glomm G 240 3 0 ++Consult Final Examination Schedule to avoid conflicts ++Students must avoid Final Exam conflicts-See Exam Schedule COLL (CASE) S&H Breadth of Inquiry credit Above class meets 100% Online with a combination of Synchronous and Asynchronous instruction.Study with Quizlet and memorize flashcards containing terms like 3 types of profit, Accounting profit, Total cost and more.Annie would get $8 marginal benefit from buying one box of cereal and $3.50 marginal benefit from buying a second box. If the grocery store is selling boxes of cereal for $4 each, Annie will buy ____. If the store sells boxes of cereal for $6 but with a "buy one, get one 50% off deal," Annie will buy ______. one; two.Module 1 1: Define economics and scarcity, and explain the economic problem Economics- study of how people allocate their limited resources to satisfy their unlimited wants - In a way, economics is the study of choices Scarcity- limited resources that are insufficient to satisfy the unlimited wants - Ex) I only have 24 hours to do all I wish for today 1: Differentiate between microeconomics ...Quiz yourself with questions and answers for Econ B251 Exam 2, so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material.Econ B251: Firms and Industries. Fundamentals of ECon. Lecture notes. 100% (9) 64. Notes for Econ B251. Fundamentals of ECon. Lecture notes. 100% (1) 3. ... ECON EXAM 2 Notes. Course: Fundamentals of ECon (ECON B251) 165 Documents. Students shared 165 documents in this course. University: Indiana University. Info More info. Download.Econ - B251 Exam 1 Study Guide. 8 terms. jpolbito. Preview. MTH 124 Final Exam. 48 terms. kscholt. Preview. Econ Final exam. 46 terms. thezehraaa. Preview. ECN 202 CH1-6 Test. 81 terms. Alexia_Miracle6. Preview. Terms in this set (89) utility. measures the amount of happiness an individual receives from consumption.

IU Economics - B251, Gerhard Glomm - Exam 2 Q's, A's (password: 123) 1. The US government severely reduces the imports of goods into the USA. As a consequence, …

Chapter 1-4/ Econ 211 Notes/ Exam 1. 43 terms. cecihenn. Preview. Econ 103 Feb 22. 22 terms. nflagg8. Preview. econ vocab quiz 2 . 9 terms. lyza128682. Preview. Econ 101: Midterm Exam . 41 terms. delia_foley9. Preview. E251 test 2 chapter 12. ... Econ - B251 Exam 1 Studying Material (Quizzes: Modules 1-5) 56 terms. jpolbito.15. in figure above, at a quantity of 1 unit, consumer surplus is... 2. what is the total consumer surplus. 200. suppose that there are four firms that are each willing to sell one unit of a good. each firm has a different minimum price that they are willing to sell for: Firm W $6, Firm X $7, Firm Y $10, Firm Z $12.Seats Avail Wait ECON-B 251 FUND OF ECON FOR BUSINESS I (3 CR) 34270 09:25A-10:40A TR WB WEB Glomm G 240 3 0 ++Consult Final Examination Schedule to avoid conflicts ++Students must avoid Final Exam conflicts-See Exam Schedule COLL (CASE) S&H Breadth of Inquiry credit Above class meets 100% Online with a combination of Synchronous and Asynchronous instruction.Moral Hazard. -Individuals likely engage in risky behavior because others will bear the costs of their actions. -Ex: Driver with insurance, driving aggressively. principal-agent problem. -occurs when principals' (business owners) and agents' (workers') self-interests are not aligned. -An incentive system can be a remedy.Tax incidence. is the distribution of a tax burden. A lump-sum tax. is a tax of a fixed amount paid by all taxpayers. Imports. goods and services purchased from other countries. WSU ECON 101 EXAM 2. are legal restrictions on how high or low market price may go. EX: price ceiling, price floor.6 graphs on the exam 2.docx. 4 graphs on the exam 1. 2. Price controls -> black market and search activity a. Rent ceiling b. Price floors Changes in quantity (no shifts in supply or demand) a. ... quiz3_ans econ-b 251.pdf. Econ B251 Canvas Quiz #3 1. Income differences across countries are _ income differences within countries a. Smaller than ...The quantity of total output produced per unit of a variable input, holding all other inputs fixed. average fixed cost (AFC) Total fixed costs divided by quantity of output: AFC = TFC/Q. average variable cost (AVC) total variable costs divided by quantity of output. AVC=TVC/Q. Average-Marginal Rule. When the marginal magnitude is above the ...Econ Exam #2 B251. Flashcards; Learn; Test; Match; Q-Chat; Flashcards; Learn; Test; Match; ... Lecture 6: Arbitrage - Exam 2. 20 terms. giannimg. Preview. Terms in this set (38) Resource allocation methods. force contest lottery command personal characteristics. price. what you pay (COST) value. what you get (BENEFIT)ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon. Practice materials ... Document - Note summary; Related documents. Econ - Notes prior to exam 1; Economics Module 4; Notes for Econ B251; ECON-B 251 Notes (Week 7) ECON-B 251 Notes (Week 8) Aggregate supply and demand ...Study with Quizlet and memorize flashcards containing terms like All economic questions are about, Which of the following is a microeconomic question? Choose all that apply. 1. Will the price of coffee beans affect the price of coffee? 2. Will a surplus of shoes lead to increase in the price of shoes? 3. What are the costs of unemployment? 4. What is the …

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IU Economics - B251, Gerhard Glomm - Quiz 6 Q's, A's (password: 123) Flashcards; Learn; Test; Match; Q-Chat; Get a hint. The supply curve is 1. Upward sloping 2. ... Econ principles 2-4, Econ vocab quiz. 63 terms. AlanaY26. Preview. Chapter 1 Test Review. 15 terms. rmcr8059. Preview. Terms in this set (20) The supply curve is 1. Upward sloping ...Studying Econ B251 Fundamentals of Econ at Indiana University Bloomington? On Studocu you will find 129 lecture notes, practice materials, summaries, coursework,ECON B251 EXAM 2 . Flashcards; Learn; Test; Match; Get a hint. When a market price allocates a scare resource, the people who are _____ and _____ to pay the market price get the resource.ECON-B251 Quiz 7. which of the following is an example of a market failure? a (n) a) outcome in which a cost spills onto a third party. b) quantity in which marginal social benefit exceeds marginal social cost. c) overproduction of goods and services. d) market outcome in which consumer surplus is greater than producer surplus. e) outcome in ...Test: Econ B251 Final Exam. Name: Score: 42 Multiple choice questions. Definition. Out-of-pocket production expenses recorded using the accounting method. Fixed costs. Explicit costs. Implicit costs. Marginal costs. 1 of 42. Definition. Measure the alternative uses of 3 types of resources, such as physical capital, interest payment, and time.Study with Quizlet and memorize flashcards containing terms like In the Solow growth model, the capital stock evolves according to 1. Kt+1 = Kt + Dt + It 2. Kt+1 = Kt - Dt - It 3. Kt+1 = Kt - Dt + It 4. Kt+1 = Kt + Dt - It, In the Solow model as presented in class, investment in an economy is financed by 1. Domestic Consumption 2. Domestic Savings 3. Savings …6 graphs on the exam 2.docx. 4 graphs on the exam 1. 2. Price controls -> black market and search activity a. Rent ceiling b. Price floors Changes in quantity (no shifts in supply or demand) a. ... quiz3_ans econ-b 251.pdf. Econ B251 Canvas Quiz #3 1. Income differences across countries are _ income differences within countries a. Smaller than ...Test: ECON B-251 chapter 8 canvas quiz. Name: Score: 20 Multiple choice questions. Term. IU cuts enrollment for first tear students from 8,000 to 3,000 for the next 10 years in order to become more exclusive and rise in the ranking. As a consequence, if this decision, rental prices for apartments in Bloomington fall. This fall in rental prices isStudy with Quizlet and memorize flashcards containing terms like If the nominal exchange rate is $1 equals 150 Japanese yen, and a Big Mac costs $2 in the U.S. and 300 yen in Japan, then the real exchange rate of U.S. Big Macs for Japanese Big Macs is: A. 1. B. 2. C. 150. D. 300., If a country's real exchange rate falls (depreciates), then: A. net exports … ….

Jul 26, 2023 · Economics document from Indiana University, Bloomington, 7 pages, 1 ECON-B251 - Fundamentals of Economics for Business I Spring 2022 Indiana University Basic Information Instructor: Teaching Assistant (TA): Class Info: Course Page: Office Hours: Andrew Berryhill ([email protected]) Yijia Ren ([email protected]) Cedar Hall C002,View quiz2_ans econ-b 251.pdf from ECON 251 at Indiana University, Bloomington. Econ B251 Canvas Quiz #2 1. a. b. c. d. The point of creating "a parallel universe" is to Detect …Answers to the ProServe exam are not available anywhere. This is because it is considered cheating to share answers to this exam. Individuals interested in taking this exam can fin...View 2013 Prelim Economics Exam.pdf from ECONOMICS 1A at Carlingford High School. 2013 Higher School Certificate Preliminary Examination Economics Total marks — 80 Section I — Pages 2-9 GeneralB251 Final Exam. The law of diminishing returns implies. (a) marginal product is always diminishing. (b) marginal product of a variable input must eventually decline. (c) marginal product of a fixed input must eventually decline. (d) total product must eventually decline. Click the card to flip 👆.B251 Canvas Quiz 2. 11 terms ... 48 terms. jboyles83. Preview. Macro final Pt 1. 25 terms. Averyb20200. Preview. ECON-B 251 Exam #2 Study Guide ... The night before a ...ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon 100% (4) 3. ... Econ B251 - 54-56 - Econ B251: Profits or Losses at Indiana University Kelley School of Business; Econ B251: Short Run Output; Related documents.3 • There are 12 module quizzes, and the 2 lowest quiz grades are dropped. Therefore, each of the 10 remaining module quizzes is worth 1% of the course grade. Exams: • There will be two midterm exams each worth 20% of the course grade, and one final exam worth 30% of the course grade. All exams will be taken in person. • Exams may consist of multiple types of questions such as multiple ... Econ b251 exam 2, the Federal Reserve's policy of increasing interest rates to reduce inflation. changes to GDP, price level, and employment. Short term impacts of monetary policy. Changes to price level. Long term impacts of monetary policy. Study with Quizlet and memorize flashcards containing terms like Economics, Scarcity, Macroeconomics and more., View ECON-B251 - Exam 2.pdf from ECON B251 at Indiana University, Bloomington. Price rationing the most efficient those who value the good most and willing and able to pay will get AI Homework Help, The percentage change in quantity supplied divided by the percentage change in price. Es. % change in quantity supplied/ % change in price. Determinants of Supply elasticity. 1. resource substitution possibilities. 2. time frame for supply decision. See {num} more. Study with Quizlet and memorize flashcards containing terms like economics ..., Econ B251: Basic Demand and Supply at Indiana University Kelley School... View more. Course. Fundamentals of ECon (ECON B251) 173 Documents. Students shared 173 documents in this course. ... Econ 2 - Notes prior to exam 2; Fund of Econ for Business Module 11; Preview text. dxxLecture 1/31/, Study with Quizlet and memorize flashcards containing terms like The principle of decreasing marginal benefit means that as the quantity of a good consumed, Nick can purchase each milkshake for $2. For the first milkshake purchased Nick is willing to pay $4, for the second milkshake $3, for the third milkshake $2 and for the fourth milkshake $1. What is his total consumer surplus?, Marginal ..., Econ B251: Firms and Industries. Fundamentals of ECon 100% (9) 5. ... ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon 100% (2) 3. ECON-B 251 Midterm Study Guide. Fundamentals of ECon 100% (2) Students also viewed., Graf is funny and very engaging in economics. By far the best B251 professor and with the extra credit you should be able to get an A by simply going to class and doing the quizzes. ... I put minimal time into this class throughout the semester and studied before the exam and ended with an A. Make sure you read the textbook religiously and ..., Econ (B251) chapters 1-4, Exam 1. How do you want to study today? Flashcards. Review terms and definitions. Learn. Focus your studying with a path. Test. Take a practice test. ... K201 lecture exam 2. 63 terms. Lou2455. K201 post lecture quizes for Ch 6,8,9,10,12. 25 terms. Lou2455. Subjects. Arts and Humanities. Languages. Math. Science ..., Tax incidence. is the distribution of a tax burden. A lump-sum tax. is a tax of a fixed amount paid by all taxpayers. Imports. goods and services purchased from other countries. WSU ECON 101 EXAM 2. are legal restrictions on how high or low market price may go. EX: price ceiling, price floor., Moral Hazard. -Individuals likely engage in risky behavior because others will bear the costs of their actions. -Ex: Driver with insurance, driving aggressively. principal-agent problem. -occurs when principals' (business owners) and agents' (workers') self-interests are not aligned. -An incentive system can be a remedy., Moral Hazard. -Individuals likely engage in risky behavior because others will bear the costs of their actions. -Ex: Driver with insurance, driving aggressively. principal-agent problem. -occurs when principals' (business owners) and agents' (workers') self-interests are not aligned. -An incentive system can be a remedy., Part 1 ECON B-251 Final Exam. If the cross-price elasticity between two commodities is 1. a) the two goods are luxury goods. b) The two goods are complements. c) The two goods are substitutes. d) The two goods are normal goods. Click the card to flip 👆. C., Indiana University Kelley School of Business Economics FInal Exam Learn with flashcards, games, and more — for free., does not include exam 1 and 2 review Learn with flashcards, games, and more — for free. ... Managerial Economics; B251 Exam 3. Flashcards. Learn. Test. Match. Flashcards. Learn. Test. Match. Created by. jb1703. does not include exam 1 and 2 review. Terms in this set (56) Accounting profit., Module 4 Econ B251. measures how much quantity demanded changes due to a specific change in price. how sensitive quantity of demand is to a change in price. the responsiveness of quantity demanded is to a change in the price. the responsiveness of quantity demanded of a good or service to changes in its price., Econ B251 Exam #1. Flashcards; Learn; Test; Match; ... Econ 201 midterm (chapters 6-10) 141 terms. ibrahima67. Preview. Macroecon Exam 1. 9 terms. Alston_Lin36. Preview. Study 3. 13 terms. janczaklt. Preview. Terms in this set (33) GDP Formula. Starting date x (1 + Growth Rate) Raised to years = GDP End Date. Percent Change Formula., Econ B251 Final - Module 9. 5.0 (1 review) ... Econ 201 Exam 2. 27 terms. jwa311. Preview. MGT 5500 U of U Exam 2. 42 terms. okay117256. Preview., Study with Quizlet and memorize flashcards containing terms like The demand curve is given by the equation P=10. The supply curve is perfectly inelastic and given by Q=. If the product becomes inferior for some reason and demand shifts down to P = 9 - Q, then consumer's surplus, The demand curve is given by the equation P=10. The supply curve …, Study with Quizlet and memorize flashcards containing terms like marginal analysis, Normative statement, positive statement and more., Ag Econ Exam 1 -2. The American Medical Association reported that the consumption of green peas would lower the likelihood of breast cancer. Which of the following diagrams best illustrates the impact of this medical announcement? (Note: D0 is the original relationship and D1 is the new relationship.), They are substitutes. Study with Quizlet and memorize flashcards containing terms like Normative statements are based upon, Which of the following statements is "positive" in nature, A farmer can produce 1 ton of Apples for $10,000, 2 tons of apples for $25,000 and 3 tons of apples for $45,000. What is the marginal cost of the 2nd ton of apples ..., 4, 40. In the above figure, the efficient level of chemicals produced per week is _______ tons. At the inefficient level of chemicals produced per week, the deadweight loss is $________. Econ B251 Practice Exam 2. The principle of decreasing marginal benefit means that as the quantity of a good consumed., Fundamentals of ECon100% (10) 5. ECON B-251 EXAM 1 - This document includes important terminologies from the lecture that will later. Fundamentals of ECon100% (2) 3. ECON-B 251 Midterm Study Guide. Fundamentals of ECon100% (2) 64. Notes for Econ B251., Study with Quizlet and memorize flashcards containing terms like The most important goal of the firm is to, An implicit cost is an opportunity cost that, Heidi quit her job as a chef making 40,000 per year to start her own restaurant. The first year, Heidi's restaurant earned 100,000 in revenue. Heidi pays 50,000 per year in wages to the waitresses and hostess, 20,000 per year to buy food, etc ..., Econ B251 - Exam #2. Log in. Sign up. Get a hint. are willing and able to pay the market price. Click the card to flip. When a market price allocates a scarce resource, the people who _____ get the resource. ..., Econ B251 Exam #1. Flashcards; Learn; Test; Match; ... Econ 201 midterm (chapters 6-10) 141 terms. ibrahima67. Preview. Macroecon Exam 1. 9 terms. Alston_Lin36. Preview. Study 3. 13 terms. janczaklt. Preview. Terms in this set (33) GDP Formula. Starting date x (1 + Growth Rate) Raised to years = GDP End Date. Percent Change Formula., B251 Final Exam. The law of diminishing returns implies. (a) marginal product is always diminishing. (b) marginal product of a variable input must eventually decline. (c) marginal product of a fixed input must eventually decline. (d) total product must eventually decline. Click the card to flip 👆., 1st exam objectives - The notes were taken in ECON-B 251 taught by Professor Paul Graf. This is a; Module 9 Econ Notes - Professor Graf; Econ Study Guide charts; Chapter 2 Notes; Chapter 6 Notes; Chapter 5 Notes, the Federal Reserve's policy of increasing interest rates to reduce inflation. changes to GDP, price level, and employment. Short term impacts of monetary policy. Changes to price level. Long term impacts of monetary policy. Study with Quizlet and memorize flashcards containing terms like Economics, Scarcity, Macroeconomics and more., perfect competition assumptions. 1) price takers. 2) no barriers to entry/exit. 3) firms produce identical products. 4) perfect information. 5) many sellers. the state of profits or losses causes firms to join or leave the market which shifts MARKET SUPPLY and causes the new price to change to get 0 profits in the end., 12 of 12. Quiz yourself with questions and answers for Econ - B251 Study Guide Exam 2: Module 6 Practice Quiz, so you can be ready for test day. Explore quizzes and practice tests created by teachers and students or create one from your course material., 5 psychological factors that impact behavioral economics. Sunk Cost FallacyFraming BiasOverconfidenceOvervaluing the present relative to the futureAltruism. Sunk Cost Fallacy. People make decisions based off what they have already spent, rather on how the decision will help their well being. Framing Bias., Module 4 Econ B251. measures how much quantity demanded changes due to a specific change in price. how sensitive quantity of demand is to a change in price. the responsiveness of quantity demanded is to a change in the price. the responsiveness of quantity demanded of a good or service to changes in its price.