Microeconomics examples Flashcards

1
Q

monopoly general

A

postal service, railways, water and electricity suppliers

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2
Q

monopoly

A

Microsoft (operating systems), Luxoticca (eyewear), AT&T (telecommunications in the US in the past)

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3
Q

perfect competition

A

international markets for agricultural commodities (wheat, rice), gold, silver, foreign exchange market

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4
Q

monopolistic competition general

A

shoe, clothing, computer, publishing, and restaurant industries

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5
Q

monopolistic competition

A

Puma, Burger King, Hilton, Persil

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6
Q

oligopoly general

A

car industry, airlines, oil, steel, aluminum, and copper industries

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7
Q

oligopoly

A

American Airlines, Walt Disney, Ford, T-mobile

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8
Q

inferior good

A

used cars, used clothing

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9
Q

joint supply

A

petrol and diesel oil, butter and skimmed milk

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10
Q

price inelastic demand goods

A

salt, tap water, cigarettes

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11
Q

price elastic demand goods

A

Milka chocolate, Jaguar sports car

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12
Q

income inelastic demand goods

A

electricity, water

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13
Q

income elastic demand goods

A

Ferrari cars, caviar

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14
Q

price inelastic supply goods

A

housing, nuclear power, rice in the short term

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15
Q

price elastic supply goods

A

uber driver, plastic straws

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16
Q

price ceiling

A

rent controls (New York), food price controls

17
Q

price floor

A

minimum wage (Australia- 17.70 AUD per hour)

18
Q

negative production externality

A

coal-fired power plant, forestry

19
Q

negative consumption externality

A

air travel, smoking

20
Q

positive production externality

A

research and development, private schools

21
Q

positive consumption externality

A

education, health care

22
Q

public goods

A

national defense, street light

23
Q

subsidies

A

China subsidising solar panel production in 2019 by 3 bn yuan

24
Q

indirect tax

A

UK cigarette tax 16.5% of the retail price

25
externality correction
compulsory vaccines for students in Australia, no smoking areas in Sydney
26
carbon tax
as of 2021, Sweden had the highest carbon tax rate worldwide at 137 U.S. dollars per metric ton of CO2 equivalent
27
carbon permits
EU Emission Trading System
28
asymmetric information
used cars retailer
29
moral hazard
insurance companies