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Microeconomics
> 1. > Flashcards
1. Flashcards
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Study These Flashcards
Microeconomics
(46 decks)
1.
The Economic Problem
Demand and the Demand curve
Supply and the Supply curve
Market equilibrium and disequilibrium
Price mechanism
Consumer and Producer surplus
Interrelated markets
Elasticities (PED,XED,YED,PES)
Elasticity and the business use
Indirect tax - Full market impact
Indirect tax and elasticity
Subsidy - Full Market Impact
Minimum Pricing ( Price Floors )
Maximum Pricing
Allocative efficiency
Types of Market Failure
Negative externalities
Positive Externalities
Merit and Demerit goods
Public goods
Common access resources (Tragedy of the commons)
Government Failure
Indirect taxation and market failure
Subsidy and market failure
Regulation and market failure
State provision and market failure
Price controls and market failure
Information provision
The free market
Specialisation and the division of labour
2.
Law of diminishing returns
Short run costs - Fixed and Variable
Marginal and Average cost curves
Total cost curves - TC + TVC
Long run average cost and returns to scale
Economies of scale
Revenue
Profit - Normal Supernormal profit and subnormal profit
Objectives of firms
Barriers to entry and exit of firms
Business efficiency , allocative , productive , dynamic and X efficiency
Perfect competition
Perfect competition - shut down condition
Monopoly
