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17 Cards in this Set

  • Front
  • Back
characteristics of a monopoly
-one firm
-price makers
-controls the market
-price discrimination can happen
characteristics of public goods
-inclusiveness principal
-marginal cost = 0
-externalities benefit
characteristics of perfect competition
-large number of firms
-easy to enter market
-price takers
-demand curve is elastic
characteristics of private goods
-exclusiveness principal
-marginality cost does not = 00
-externalities cost
economic activities of government
-promote competition
-promote employment
-produce public goods
different types of unemployment
-seasonal
-frictional
-cyclical
-structural
phases of business cycle
-peak/boom
-trough
-expansion
-recession
different types of taxation
-progressive:income ^ %tax^
-proportional: diff income pay same %
-regressive: income^ %tax v
marginal cost of labor
cost of hiring one extra worker
marginal revenue productivity of labor
revenue recieved from one worker
marginal physical productivity of labor
how much one worker can produce
total cost
fixed cost + variable cost
optimal level of employment
marginal cost of labor = marginal revenue productivity of labor
optimal level of output
marginal cost=marginal revenue
average cost
total cost / quantity
marginal cost
cost of one extra unit of product
(change in cost/change in quantity)
factors of market failure
-unemployment
-inflation
-unfair distribution of income
-monopoly market power
-not producing public goods