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