Simple Supply and Demand Bro
This is the decrease in sales of a product due to an alternate product's price decreasing.
What is the substitution effect?
This monopoly is notable due to ATC always decreasing and the most efficient number of firms in an industry is one.
What is a natural monopoly?
The government policy that decreases employment and raises wages for unskilled workers is called this.
What is minimum wage?
When Marcus could have earned money doing something other than grasshopper collecting, this missed revenue is known as what.
What is the opportunity cost?
You, a priest, and a rabbi walk into a bar. They hold you at gunpoint and ask to give them all the money you have. You do not comply so they kill you. The money you could have gotten in your life, had you just complied, is called this.
What is an opportunity cost?
Goods that have an increase in sales of a product due to an alternate product's price decreasing are characterized as this.
What are compliments?
The point at which ATC intersect with demand on a monopolistic graph.
What is the break-even point?
Minimum wage creates this inefficiency.
What is a surplus?
Charles wants to analyze if he should stay awake to study for one more hour, what type of analysis should he use.
What is marginal analysis?
Your loitering habit puts people at unease. The social cost of your loitering is $40 while you get 30$ of benefit out of it. This person's theorem states that the two involved parties will come to a financial agreement to sort this out.
Who was Coase?
There is an earthquake in California and suddenly you find that the price of goods has risen, this is because of what.
What is a leftward shift of the supply curve?
The ATC on a monopolistic competition graph is tangent to this other curve.
What is the demand curve?
For an individual firm, the wage curve has this slope.
What is a slope of 0?
The difference between accounting profits and economic profits is that economic profits account for this.
Implicit costs.
Mr. Kashdan is arrested for treason against the Albanian government. Once he escapes, he sets fire to the lego factory. Mr. Kashdan causes this in the lego market.
What is a supply decrease?
The price for all things checkered has dropped and checker companies have reported that they are selling more.
What is a rightward shift of the demand curve?
A monopoly charging each customer exactly how much they are willing to pay is known as this.
What is price discrimination?
When one entity has control over the entire jobs market in the area, it is called this.
What is a monopsony?
You could kidnap Nancy Pelosi at no initial cost. You value the enjoyment from the crime at $400,000, and during the time spent in prison you could have made $500,000. You are making this type of profit.
What is an accounting profit?
The supply of Airplane 2 memorabilia decreases, and the demand increases. The change in quantity of memorabilia bought is referred to as this.
What is indeterminate?
When the price elasticity of demand is greater than one, and one more quantity and dropping the price will generate more profit.
What is the elastic part of the curve?
The key difference between monopolistic competition and perfect competition are these.
What are barriers to entry?
This would happen to wages in the beehive industry if people wanted more beehives and the amount of bee hive specialists was decreasing.
What an increase?
You commit tax fraud and never get caught. You save 200 million, making your total net worth 500 million. Although for every 1 million you spend, people blackmail you for another million. Should you have committed tax fraud? Why or why not?
You should not have, because your money is half as valuable and so you have 250 million in purchasing power when you used to have 300 million without the blackmail.
Mr. Gratwick is running at you at full speed with malicious intent. He could hit you or not. You could dodge or not. If you dodge you will not be hit regardless of Mr. Grattwick’s decision, making it this type of strategy.
What is the dominant strategy?