Increasing Returns to Scale
Elasticity
Perfectly Competitive
Market Clearing
Perfectly Price Discriminating Monopoly
Exogenous Shock
Tax Incidence
Pareto Efficient
Average Cost Curve
Single Price Monopoly
Deadweight Loss
Marginal Cost Curve
Reservation Wage
the lowest wage rate a worker would be willing to accept for any given job
An inefficient market allocation generates less surplus than a Pareto efficient allocation because of this phenomenon
A price where there is no excess supply or demand.
An equilibrium where a change in price or quantity would make either the supplier or the consumer worse off
A force outside of the market that influences supply and/or demand
A market with a large number of buyers and sellers that can freely enter and exit.
The zero-profit isoprofit curve
The effect of a 1% change in price on the quantity demanded
A market with only one supplier and a set price for all consumers
The distribution of a tax across consumers and suppliers
The firm’s supply curve
When production inputs double, output more than doubles
A market with one supplier where the price is unique to each consumer and maximizes the individual’s willingness to pay
