Supply and Demand
Theory of the Business Firm
Markets
Basic Econ
The Government and the Economy
100
The point where supply and demand meet
What is equilibrium?
100
TR-OC
What is economic profit?
100
An industry with only a small number of firms
What is an oligopoly?
100
The study of the costs and benefits of doing a little bit more of an activity versus a little bit.
What is marginal analysis?
100
Distribution of the tax burden
What is tax incidence?
200
Illustrates the relationship between quantity supplied and price for an individual producer
What is an individual supply curve?
200
Normal profit
What is zero economic profit?
200
The square of each firm's share of markets sale summed over the industry.
What is Herfindahl-Hirschman Index?
200
A system for coordinating a society's productive and consumptive activities.
What is an economy?
200
Decrease in total surplus resulting from tax
What is deadweight loss?
300
Shortage
What is an effect of a price ceiling?
300
firm revenue firm cost
What are two components used to calculate profit?
300
Minimum ATC of a price-taking firm
What is the break-even price
300
The root of the problem with command economies.
What are incentives?
300
A latin expression meaning 'let all things remain equal' used by economists to develop economic theories or models.
What is ceteris paribus?
400
Wasted resources
What is a reason price ceilings cause inefficiency?
400
Thomas Malthus introduced in his book An Essay on the Principle of Population
What is the principle of diminishing returns to an output?
400
When firms make a profit
What is the time that additional firms enter the market?
400
Economic analysis that involves saying how the world should work.
What is normative economics?
400
An indirect tax where a given percentage is added to the price of a good or service.
What is an ad valorem tax?
500
Sellers offer low quality goods at a low price even though buyers would prefer a higher quality at a higher price
What is inefficiently low quality?
500
Long run ATC increases as output increases
What are diseconomies of scale?
500
Public ownership
What is the preferred answer to the problem of natural monopoly?
500
The reason we have an economy
What are gains from trade?
500
The equilibrium price that results when quantity demanded is equal to quantity supplied.
What is Market clearing price?
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