ECON121 FINAL
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| Market Structure | show 🗑
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| show | They are non-excludable and non-rival in consumption. An example is a street sign
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| Private Good | show 🗑
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| Market Failure | show 🗑
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| Information Asymmetry | show 🗑
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| Moral Hazard | show 🗑
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| Public Good | show 🗑
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| show | Rivalry and excludability. Typically traded in markets
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| show | Situation where unrestricted operation of free market yields a result that is not socially optimal
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| Information Asymmetry | show 🗑
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| show | market inefficiency resulting from information asymmetry. Terms of transaction lead to different behavior
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| Adverse Selection | show 🗑
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| show | cost imposed on "third parties" not reflected in market system
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| show | Special tax levied on company that pollute enviornment or create excess social costs. In true market, best way to correct negative externality.
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| show | Firm that is only producer of good or service which there are no good substitutes
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| show | market structure where small number of large firms dominate industry
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| show | market structure where large number of small firms produce similar, not identical, product
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| Barriers to entry | show 🗑
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| show | charging different customers different prices not related to difference in cost
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| show | when seller charges different price for each unit of output and price is always max price consumer will pay
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| Third degree price discrimination | show 🗑
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| show | gap between price of good and opportunity cost of producing it. Area below eq. line and supply line.
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| Consumer surplus | show 🗑
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| Shutdown point | show 🗑
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| Elasticity of Supply | show 🗑
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| Break-even point | show 🗑
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| show | expression of the relationship between inputs and outputs holding tech. constant. l(land), L(labor), K(capital), E(entrepreneurship).
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| show | economic profit may be 0 or negative (bad times). Economic profit may be positive (good times).
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| show | as a firm uses more of a variable resources with a fixed resource and fixed technology, MP of variable resource will fall. Holds in short-run due to fixed input.
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| fixed cost | show 🗑
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| show | payments to variable inputs. varies with level of output
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| show | Many firms sells to many buyers. Identical products. Products are rival and excludable. NO restrictions on entry/exit. Sellers and buyers well informed about prices.
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| show | period where one input is fixed
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| show | period in which no input is fixed
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| show | Stage 1: From 0 units to MP=AP. Stage 2: MP=AP to where MP=0. Stage 3: When MP is negative.
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| economies of scale | show 🗑
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| show | when firm increases plant size and labor by same percentages, output increases by smaller percentage and LAC increases
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| show | Firm increases all inputs proportionally, output increases more than proportionately.
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| decreasing returns to sale | show 🗑
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