Taxation
The amount of economic efficiency lost due to the imposition of taxes.
What is "deadweight loss"?
When it is not worth it to stay in business.
What is the "shutdown point"?
Rio Tinto has 70% market share for precious metals and gems in Australia, making it one of these.
What is a "monopoly"?
Any organization that produces goods and services for sale; essentially a synonym for “business”
Excludable but not rival in consumption
What is a "club good"?
The extra costs that people have to pay after the imposition of a tax.
What is "tax burden"?
In a perfectly competitive market, you will be making a profit if your marginal costs exceeds this.
What is "average total cost"?
Microsoft and Apple.
What is an "oligopoly"?
Some aspect of the market structure that prevents new firms from entering
What is a "barrier"?
National defense and Social Security are examples of these.
What are "public goods"?
A measure of who bears more of the tax burden.
What is "tax incidence"?
In a perfectly competitive market, you will not make any money but should stay open if your marginal cost exceeds this.
What is "average variable cost"?
Apples and oranges are different but they are good examples of this market structure at the supermarket.
What is "perfect competition"?
Maximizing profit by selling the same good at different prices depending on the consumer.
What is "price discrimination"?
These are definitely most efficiently distributed by the free market.
What are "private goods"?
Between consumers and producers, the tax burden on a good is always greater for this curve.
What is the "less elastic curve"?
What is "marginal revenue"?
These two structures are price makers/searchers.
What is "monopoly" and "oligopoly"?
The time frame for which no costs are fixed; everything is variable.
What is the "long run"?
Fire protection was one of these before it was taken for granted as a public good.
What is a "club good"?
Deadweight loss reduces economic efficiency because it reduces this measure of the market's total ____.
"surplus"
Your marginal costs will initially decrease and then increase due to this cost.
What is "fixed cost"?
The market for Hoozawatzits is divided among dozens of firms, none of whom have a major market share, and all of whom make identical Hoozawatzits. This structure would describe the market.
What is a "perfectly competitive market"?
The property whereby the marginal product of an input declines as the quantity of the input increases.
What is "diminishing marginal product"?
The free rider problem makes fireworks shows difficult to charge for. It would be best to put on your town's fireworks show as one of these.