Exogenous Shock
Perfectly Competitive
Pareto Efficient
Reservation Wage
Elasticity
Single Price Monopoly
Tax Incidence
Average Cost Curve
Increasing Returns to Scale
Perfectly Price Discriminating Monopoly
Deadweight Loss
Marginal Cost Curve
Market Clearing
A market with only one supplier and a set price for all consumers
An inefficient market allocation generates less surplus than a Pareto efficient allocation because of this phenomenon
The firm’s supply curve
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
When production inputs double, output more than doubles
The effect of a 1% change in price on the quantity demanded
A force outside of the market that influences supply and/or demand
The distribution of a tax across consumers and suppliers
the lowest wage rate a worker would be willing to accept for any given job
A market with one supplier where the price is unique to each consumer and maximizes the individual’s willingness to pay
A market with a large number of buyers and sellers that can freely enter and exit.
The zero-profit isoprofit curve
