What is Income, Consumer Preferences, Price of related goods, Expectations, Number of buyers.
100
type of market structure is illustrated by the graph
What is perfect competition (short run loss minimization).
100
a demand for a commodity, service, etc., that is a consequence of the demand for something else
What is derived demand
100
What is illustrated by this Graph.
What is a negative externality
200
When P=minATC
What is Productive efficiency
200
Determinants of supply (name 2)
What is Production cost, Technology, Number of sellers, Expectations of future prices
200
See Diagram
What is Economies of scale
200
The change in revenue that results from the addition of one extra unit when all other factors are kept equal
What is Marginal revenue Product
200
what is illustrated by this graph.
What is a posative externality
300
When P=MC
What is Allocative efficiency
300
A good for which your demand Increases when your income increases.
What is a Normal good.
300
Market structure illustrated by graph
What is Price Discriminating Monopoly
300
a market situation in which there is only one buyer
What is a monopsony
300
a tax on items considered undesirable or harmful, such as alcohol or tobacco.
What is a Sin-tax or a Pigovian tax
400
View Graph
What is PPC curve
400
Give the formula for the Utility maximizing rule.
What is (MUa)/Pa = (MUb)/Pb
400
names of Point A, B, and C
What is A-Profit maximizing
B- Fair return
C- Socially Optimal
400
an organized association of workers formed to protect and further their rights and interests
What is a labor union
400
the use of economic tools to deal with traditional problems of political science
What is Public choice theory
500
Name 2 of the missing elements. See Diagram
What is Product Market, Consumption expenditures, LLCE.
500
What is created by the Diagram
What is a surplus
500
Specific Market structure and time, see graph
What is Monopolistic competition- Long run
500
At what point would this firm set its price. see diagram
What is point B
500
an economic theory which states that individuals acting independently and rationally according to each's self-interest behave contrary to the best interests of the whole group by depleting some common resource