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