Miscellaneous Quiz / Economic Concepts -- Microeconomics

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Can you name the Economic Concepts?

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DefinitionWord or Phrase
The difference between the maximum price a consumer is wiling to pay and the market price
The difference between the market price and the minimum price at which a producer would be willing to sell the good
A good for which demand rises when income increases
A good for which demand falls when income increases
A decrease in the price of one good leads to a decrease in demand for the other good if they are ___________
A decrease in the price of one good leads to an INCREASE in demand for the other good if they are ___________
The amount by which the quantity demanded is greater than the quantity supplied at a particular price
An attempt to profit from future price changes
Adam Smith's analogy for the way in which markets allow economic activity to be coordinated without any central organization
The reverse of a tax -- the government gives money to buyers/sellers when a sale is made
Cost savings that arise when costs per unit fall with an increase in production
The ability to produce at the lowest opportunity cost
Restraining trade through tariffs, quotas and other regulations that burden foreign producers
A cost or benefit that falls on third parties, rather than on buyers and sellers
A tax on a good with external costs
The costs of reaching an agreement
If transactions costs are low and property rights are clearly defined, private bargains will ensure that the market equilibrium is efficient
Costs that don't vary with output
Change in total cost from producing an additional unit
DefinitionWord or Phrase
Total revenue minus total cost
Schumpeter's term to describe how competition from a new commodity, technology, source of supply or type of organization can eliminate existing firms
An industry in which industry costs do not change with greater output, giving a horizontal long-run supply curve
The ability to raise price above average cost without fear that other firms will enter the market
A firm with market power -- or a market with one firm, selling a good with no close substitutes, with barriers to entry
When a single firm can supply the entire market at a lower cost than two or more firms
Selling the same product at different prices to different customers
Buying low in one market and selling high in another market
A group of suppliers that tries to act as if they were a monopoly
Situation where the pursuit of individual interest leads to a group outcome that is in the interest of no one
A good whose value to one consumer increases the more that other consumers use the good -- such as Sporcle
In game theory -- a situation in which no player has an incentive to change their strategy unilaterally
Tools of the mind -- knowledge and abilities that make people productive
A difference in wages that offsets differences in working conditions
If people who don't pay cannot be easily prevented from using the good, it is __________
If one person's use of the good does not reduce the ability of another person to use the same good, it is __________
Someone who enjoys the benefits of a public good without paying a share of the costs
The tendency of any resource that is unowned and nonexcludable to be overused and undermaintained
When the marginal benefits of being informed are less than the marginal costs

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