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Exists when there is one primary seller in a market that faces very little competition exists
Also a popular board game
A group of sellers that cooperate with each other to maintain the market price above the competive market price by limiting production
Ever heard of OPEC?
A good or service that exhibits a positive externality for society and, therefore, will be underproduced under a pure free market system
ie. the beautiful people of this world
A tax on a negative externality
Related to pollution, many economists favor this over a cap and trade program
A person that does not pay for a good or service, but neverthless enjoys it because he or she cannot be excluded from enjoying it
But not for you Richie...You'll shoot your eye out!
A situation where a pure free market system fails to produce the efficient amount of a good or service
There are at least a few ways that the government could efficiently intervene in the economy
A proponent of the government using fiscal stimulus as a means of pushing a recessionary economy to produce at the natural rate of output
Not citizenship of an African country
Two simultaneous quarters of contraction in a country's GDP
Could also happen to your hair line if you have too much DHT in your shampoo
A legal upper limit on the price of a good or service by the federal government that is meant to promote affordability of the good or service to consumers
Careful not to hit your head...
A good or service where people can be excluded from enjoying it, but one person's enjoyment of the good or service does not diminish that of another
May also be defined as a good or service for which the average total cost is still declining with output at the level of output where an individual firm's marginal revenue = marginal cost
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