Class 2 Flashcards
1
Q
monopsony
A
a market situation in which there is only one buyer
2
Q
Area of a triangle
A
3
Q
Consumer Surplus equation
A
4
Q
Producer Surplus Equation
A
5
Q
Deadweight Loss Equation
A
6
Q
Q* equation
A
7
Q
Inverse Demand Curve
A
8
Q
MR equation
A
9
Q
Difference between Demand Curve and Inverse Demand Curve
A
10
Q
Market power means..
A
some people are denied value of
product who could, in principle, “pay for” it at a lower price.
11
Q
“Forbearance” means
A
“Fairness”
12
Q
Choke-off point
A
13
Q
Demand Curve Equation
A
Q=a-b P
14
Q
A
