Relacionar Columnas Microeconomics Module 8Versión en línea Yay! We love econ! It’s so much fun! por Sofia Silva 1 Tax Incidence 2 Market Clearing Price 3 Increasing Returns to Scale 4 Perfectly Price Discriminating Monopoly 5 Perfectly Competitive 6 Exogenous Shock 7 Single Price Monopoly 8 Elasticity 9 Pareto Efficient 10 Average Cost Curve A price where there is no excess supply or demand When production inputs double, output more than doubles A market with only one supplier and a set price for all consumers The effect of a 1% change in price on the quantity demanded The zero-profit isoprofit curve A market equilibrium where a change in price or quantity would make either the supplier or the consumer worse off A market with a large number of buyers and sellers that can freely enter and exit. A force outside of the market that influences supply and/or demand The distribution of a tax across consumers and suppliers A market with one supplier where the price is unique to each consumer and maximizes the individual’s willingness to pay
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