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Voting and Inequality
Taxes
Market Failures II
Firm Structures
Market Failures I
100
This occurs when the total MB of a public project is greater than the total cost, but a no vote is the result.
What is an inefficient no vote?
100
This is the best teacher in the High School.
Who is Principal Ma?
100
Positive and negative externalities both create this.
What is deadweight loss?
100
Perfectly competitive industries should shut down when this condition is true.
What is P is less than AVC?
100
This is what occurs when either too much or too little of a good is produced.
What is deadweight loss?
200
This is a situation where voting does not create a conclusive outcome.
What is the paradox of voting?
200
These are the three types of tax systems.
What are progressive, proportional, and regressive?
200
Markets for credits that allow businesses to pollute fix which problem.
What is a negative externality?
200
The demand curve for perfectly competitive industries is equal to these.
What is MR, AR, P?
200
These are the two types of efficiency.
What are productive and allocative efficiency?
300
This is a problem where buying divorce insurance would alter the way you act by increasing the probability of divorce.
What is moral hazard?
300
These are the two principles that relate to tax burden.
What are benefits-received vs. ability-to-pay?
300
This is an idea that says problems can be solved privately by small groups of people coming together to discuss ways to fix an externality.
What is the Coase theorem?
300
Because a monopolist produces at P > MC, it is not this.
What is allocatively efficient?
300
This is the concept that is described by a situation where a person buys a good and no one else can use that good.
What is rivalry?
400
This is the equation for the Gini Coefficient and this is the value for perfect inequality.
What is A/(A+B) and 1?
400
This occurs when the relative elasticities of supply and demand are the same when a tax is levied.
What is an equal tax burden?
400
Governments fix this problem by subsidizing consumers.
What is a positive externality?
400
A monopolistically competitive firm makes this type of profit in the long run.
What is normal?
400
These goods are usually produced by the government because of problems with people paying for the benefits.
What are public goods?
500
This is a major point which uses math to determine why there should be redistribution of wealth.
What is the MU of rich people's last dollar spent is less than the MU of poor people's?
500
This is the result of a tax levied on a market that has a completely elastic demand curve in terms of seller price received and quantity.
What is the seller pays all of the tax and the quantity is lower?
500
Governments fix this problem by implementing lump sum taxes.
What is nothing?
500
Relationships between oligopolist firms are characterized by this principle.
What is mutual interdependence?
500
This occurs when MSB = MSC.
What is optimal production?