chapter 8
chapter 11
chapter 12
chapter 13
chapter 14
100
a maximum price allowed by law
price ceiling
100
A firm can sell all its output at the ______.
Market Price
100
In a competitive market, total industry costs are minimized because each firm produces where:
A. Price=Total Cost
B. Price=Marginal Cost
C. Total Revenue=Marginal Revenue
B. Price=Marginal Cost
100
a firm with market power
Monopoly
100
selling the same product at different prices to different customers.
price discrimination
200
the reduction in surplus caused by a market distortion or inefficiency
Deadweight loss
200
Price x Quantity= ?
Total Revenue
200
Implications of the elimination principle: List 1
-Above normal profits are temporary
-To earn above-normal profits, entrepreneurs must innovate
200
the change in total cost from selling an additional unit
Marginal cost
200
What is this an example of?
Price discrimination
300
a price ceiling on rental housing
Rent Control
300
Change of total cost/ change of quantity=?
Marginal Cost
300
What is the invisible hand?
A predictable economic system
300
when a single firm can supply the entire market at a lower cost than two or more firms can
natural monopoly
300
To use one good, a consumer must use a second good that is sold only by the same firm.
Tying
400
Price floor creates: list 2
surpluses
lost gains from trade
wasteful increases in quality
a misallocation of resources
400
a cost that does not require an outlay of money; opportunity cost
Implicit cost
400
At what quantity maximizes profits at Price=$300? 
6.5
400
name one possible barrier to entry
brands
trademarks
ownership of an input that is difficult to replicate
development of a relationship with the market
400
taking advantage of price differences for the same good in different markets by buying low in one market and selling high in another market.
Arbitrage
500
red
500
Where are profits maximized? (quantity)
22 cases
500
Above-normal profits are eliminated by entry, and below-normal profits are eliminated by exit.
Elimination Principle
500
what is the result of price control
increasing output
500
Determine what Jeremy should buy to increase his GPA. He is majoring in Accounting. He uses Excel, Teams, and Outlook the most.
Word=$70
Excel=$50
Teams=$25
Powerpoint=$73
OneNote=$39
Outlook=$45
Price for Excel and Powerpoint=$115
Price for Word and Teams=$85
Price for Outlook and Teams=137$
Price for Onenote and Outlook=$75
Total Bundle of all products= $295
Excel and Powerpoint & Outlook and Teams= $252