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Y2 Fundamental microeconomics > Welfare and applications of competitive model > Flashcards

Welfare and applications of competitive model Flashcards

1
Q

What does Pi represent?

A

Profits

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2
Q

Supply curve equals the _ curve?

A

Marginal cost

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3
Q

What is total welfare in a market in without government activity?

A

Consumer surplus + profits

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4
Q

What is total welfare in a market with government activity?

A

Consumer surplus + Profits + taxes

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Y2 Fundamental microeconomics (16 decks)

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