Economic Terminolgy

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Can you name the economic term?

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DefinitionTermExtra Hint
Exists when there is one primary seller in a market that faces very little competition existsAlso 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 productionEver heard of OPEC?
A good or service that exhibits a positive externality for society and, therefore, will be underproduced under a pure free market systemie. the beautiful people of this world
A tax on a negative externalityRelated 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 itBut 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 serviceThere 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 GDPCould 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 consumersCareful 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 anotherMay 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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