• Shuffle
    Toggle On
    Toggle Off
  • Alphabetize
    Toggle On
    Toggle Off
  • Front First
    Toggle On
    Toggle Off
  • Both Sides
    Toggle On
    Toggle Off
  • Read
    Toggle On
    Toggle Off
Reading...
Front

Card Range To Study

through

image

Play button

image

Play button

image

Progress

1/9

Click to flip

Use LEFT and RIGHT arrow keys to navigate between flashcards;

Use UP and DOWN arrow keys to flip the card;

H to show hint;

A reads text to speech;

9 Cards in this Set

  • Front
  • Back
Pure monopoly-
a market structure in which one firm sells a unique product, into which entry is blocked, in which the single firm has considerable control over product price, and in which nonprice competition may or may not be found
Barriers to entry
- anything that artificially prevents the entry of firms into an industry
Simultaneous consumption
- a product’s ability to satisfy a large number of consumers at the same time
Network effects
- increases in the value of a product to each user, including existing users, as the total number of users rises
X inefficiency
- the failure to produce any specific output at the lowest average and total cost possible
Rent seeking behavior-
the actions by persons, firms, or unions to gain special benefits from government at the taxpayers’ or someone else’s expense
Price discrimination
- the selling of a product to different buyers at different prices when the price differences are not justified by differences in cost
Socially optimal price
- the price of a product that results in the most efficient allocation of an economy’s resources and that is equal to the marginal cost of the product
Fair return price-
the price of a product that enables its producer to obtain a normal profit and that is equal to the average total cost of producing it