Microeconomics examples Flashcards
monopoly general
postal service, railways, water and electricity suppliers
monopoly
Microsoft (operating systems), Luxoticca (eyewear), AT&T (telecommunications in the US in the past)
perfect competition
international markets for agricultural commodities (wheat, rice), gold, silver, foreign exchange market
monopolistic competition general
shoe, clothing, computer, publishing, and restaurant industries
monopolistic competition
Puma, Burger King, Hilton, Persil
oligopoly general
car industry, airlines, oil, steel, aluminum, and copper industries
oligopoly
American Airlines, Walt Disney, Ford, T-mobile
inferior good
used cars, used clothing
joint supply
petrol and diesel oil, butter and skimmed milk
price inelastic demand goods
salt, tap water, cigarettes
price elastic demand goods
Milka chocolate, Jaguar sports car
income inelastic demand goods
electricity, water
income elastic demand goods
Ferrari cars, caviar
price inelastic supply goods
housing, nuclear power, rice in the short term
price elastic supply goods
uber driver, plastic straws
price ceiling
rent controls (New York), food price controls
price floor
minimum wage (Australia- 17.70 AUD per hour)
negative production externality
coal-fired power plant, forestry
negative consumption externality
air travel, smoking
positive production externality
research and development, private schools
positive consumption externality
education, health care
public goods
national defense, street light
subsidies
China subsidising solar panel production in 2019 by 3 bn yuan
indirect tax
UK cigarette tax 16.5% of the retail price
externality correction
compulsory vaccines for students in Australia, no smoking areas in Sydney
carbon tax
as of 2021, Sweden had the highest carbon tax rate worldwide at 137 U.S. dollars per metric ton of CO2 equivalent
carbon permits
EU Emission Trading System
asymmetric information
used cars retailer
moral hazard
insurance companies
