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11 Cards in this Set
- Front
- Back
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Monopoly
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1. One seller
2. product has no substitute 3. Barriers of entry/exit high |
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Public Franchise
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A right granted to a firm by government that permits the firm to provide a particular good or service and that excludes all others from doing so
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Natural Monopoly
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The condition where economies of scale are pronounced that only one firm can survive
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Price Searcher
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A seller that has the ablility to control to some degree the price of the product it sells
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Deadweight loss of monopoly
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the net value of the difference between the competative quantity of output ( P=MC) and the monopoly quality of output (P greater MC). the loss of not producing the competative quantity of output
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Rent Seeking
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Actions of individuals and groups who spend reasources to influence public policy in the hope of redistributing income to themselves from others
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Price Discrimination
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A price structure in which the seller charges different prices for the procuct it sells and the price differences do not reflect cost differences
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Perfect Price Discrimination
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A price structure in which the seller charges the highest price that each consumer is willing to pay for the produce rather than go without it
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Second-Degree Price Discrimination
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A price structure in which the seller charges a uniform price per unit for one specific quantity, a lower price on additional and so on
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Third degree Price Discrimination
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A price structure in which the seller charges different prices in different markets or changes different prices to various segments of the buying population
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Arbitrage
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buying a good at a low price and selling it for a higher
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