ECO01 UNIT 7
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| show | An offer, a suggestion or an experiment to test the pulse of the market
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| show | 3 related concepts in economic theory
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| show | Attribute of an item that makes it capable of satisfying wants.
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| Value | show 🗑
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| Money | show 🗑
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| Price | show 🗑
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| show | Expressed in terms of pesos and centavos, or whatever the monetary medium may be in the country where the exchange occurs.
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| Price | show 🗑
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| show | Tell producers what and how much to produce.
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| Price essential function | show 🗑
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| show | to the production of goods and services that consumers demand
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| show | perform an internal rationing and allocating function within each producing farm.
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| show | tell farmers how to combine them in proportions that will keep their costs at a
minimum and result in the most efficient productio
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| Factors of production | show 🗑
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| Productive resources | show 🗑
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| show | Guide them through the channels of trade so they end up where consumers want them, when they want, and in the form they
want them.
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| Price essential function | show 🗑
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| show | A market wherein prce serves the dual role of informing producers of consumers’ wants and informing consumers of the varying conditions of production.
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| show | A market assuming that producers, consumers and all handlers have complete knowledge of demand and supply, and that this information is used without distortion in making all purchasing and production decisions.
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| show | Purely determines price
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| Time, location and form of product | show 🗑
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| show | Price differential: cost of storing
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| show | Price differential: transporting
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| show | Price differential: processing
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| show | No other differences in price existing throughout the perfect market
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| show | Determined by forces of supply and demand
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| show | What buyers are willing to take from a market at a given price
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| Supply | show 🗑
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| show | Demand increases with no change in supply
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| Price will tend to rise | show 🗑
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| show | A higher price will occur when supply decreases and demand increases simultaneously
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| Price will tend to fall | show 🗑
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| Price will tend to fall | show 🗑
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| Price will tend to fall | show 🗑
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| Equilibrium price will tend to remain unchanged. | show 🗑
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| Monopoly | show 🗑
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| show | Price would be determined without regulation from the demand curve, corresponding to the quantity where?
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| Full cost | show 🗑
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| show | A competitive market structure but with product differentiation.
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| Monopolistic competition | show 🗑
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| Elastic | show 🗑
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| Cost structures | show 🗑
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| show | Presumably could not exist in the long run in a competitive industry.
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| show | The basis is on equating marginal revenue and marginal
cost.
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| show | Since the products are good substitutes and since similar cost structures are assumed, the prices of the various firms are expected to be _____ but not necessarily _____
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| show | Increase in revenue that results from the sale of one additional
unit of output.
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| Perfectly competitive | show 🗑
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| show | While marginal revenue can remain constant over a certain level of output, it follows from the ______ and will eventually slow down as the output level increases.
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| Change in total revenue / Change in total output quantity | show 🗑
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| show | When do firms typically do a cost-benefit analysis and halt production as it may cost more to sell a unit than what the company will receive as revenue?
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| Marginal cost | show 🗑
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| Change in production cost / Change in quantity | show 🗑
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| show | If the marginal cost of producing one additional unit is lower than the per-unit price, the producer has the potential to?
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| Marginal cost analysis purpose | show 🗑
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| show | Firms operating under conditions of monopolistic competition tend to avoid _____ _____because of the threat of retaliation by other firms.
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| Relatively little profit | show 🗑
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| show | _____ price is likely to be similar among firms
in the industry and relatively stable as long as cost remain constant.
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| show | Often leads to retaliation
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| show | If an individual reduced its own price, provided others did not, it would?
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| show | Pressures to avoid direct price competition prevail in industries where a few firms produce or market identical or similar products.
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| Price decisions | show 🗑
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| show | A _____ _____ initiated by one firm is likely to be followed by other firms.
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| show | Market where there is often a recognized “price leader” in the industry.
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| show | If there is a tacit agreement to maintain market shares and to avoid open price competitions, the price established may approximate prevail in?
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| show | If an aggressive firm is seeking to enlarge its market share, the price established may be very close to that which would prevail under?
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| show | Condition where it is difficult to generalize about pricing performance without specific knowledge about the behavior of individual firms.
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| show | Competition for sales may take the form of offering more favorable credit terms, advertising or promotion allowance, or even secret discounts or rebates.
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