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