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9 Cards in this Set

  • Front
  • Back

Given the demand curve, the consumer surplus is...

Decreased by higher prices and increased by lower prices



Pg. 94-95

The diff between the actual price that a producer receives and the minimum acceptable price is called what?

Producer surplus



Pg. 95

When the combined consumer and producer surplus is at a maximum for a product then..

The market is allocatively efficient



Pg. 96-97

When the output is greater than the optimal level of output for a product there are efficiency...

Losses from the overproduction of the product



Pg. 98-99

Public goods are...

Nonrivalry and nonexcludability



Pg. 99-100

When people benefit from a good without paying for its costs there is a what?

Free-rider problem



Pg. 100

When the production and consumption of a product entail negative externalities, a competitive product market results in an...

Overallocation of resources to the product



Pg. 120

A positive externality in the production of some product is called what?

Underproduction



Pg. 121

How does government try to capture more of the benefits for society whe there is a positive externality?

By subsidizing producers



Pg 122-123