Study Guide, Microeconomics |
Contents
Markets And Prices | 1 |
Consumer Behavior | 35 |
Individual And Market Demand | 65 |
Copyright | |
19 other sections not shown
Common terms and phrases
advertising budget line bundle buyers capital cartel choice choose clothing competitive firm competitive market consumer surplus consumption contract curve cost curve deadweight loss decrease demand curve dollars dominant strategy earn economic rent efficient elasticity of demand emissions equal equation equilibrium price EXERCISE ANSWER Exercise:DDDDDD expected Figure Firm 2's firm's fixed costs higher horizontal increase indifference curves individual industry input interest rate isocost isoquant less long-run marginal cost marginal revenue market basket market price minimum monopolist monopoly monopsony MRPL MRTS Nash equilibrium outcome output level P₁ payoff percent perfectly competitive player plays Column plays Row preferred price ceiling price change price discrimination Price unit producer surplus profit maximizing Q₁ quantity demanded returns to scale risk sell sellers shift short run slope supply curve Suppose total cost unit of output utility wage workers zero