Micro Economics at Nigerian Turkish Nile University | Flashcards & Summaries

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Lernmaterialien für Micro Economics an der Nigerian Turkish Nile University

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Elasticity 
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A measure of the extent to which quantity demanded and quantity supplied respond to variations in price 
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equilibrium 


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a system is in equilibrium when there is no tendency for it to change

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Market equilibrium

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Occurs in a market when all buyers and sellers are satisfied with the respective quantities at the market price.

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average benefit

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the total benefit of undertaking n units of an activity divided by n

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efficient point


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any combination of goods for which currently available resources do not allow an increase in the production of one good without a reduction in the production of the other

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substitution effect  

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the change in the quantity demanded of a good that results because buyers switch to or from substitutes when the price of the good changes

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average cost

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the total cost of undertaking n units of an activity divided by n

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imperfectly competitive firm or price setter

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a firm with at least some latitude to set its own price

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unattainable point


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any combination of goods that cannot be produced using currently available resources  

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What happens when price elasticity of demand is greater than 1?

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Changes in price and changes in total expenditure will always move in opposite directions. 
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another name for imperfectly competitive firm 

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price setter 

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monopolistic competition

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an industry structure in which a large number of firms produce slightly differentiated products that are reasonably close substitutes for one another. there are no significant barriers preventing firms from entering or leaving the market in monopolistic competition. 

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  • 5214 Karteikarten
  • 63 Studierende
  • 9 Lernmaterialien

Beispielhafte Karteikarten für deinen Micro Economics Kurs an der Nigerian Turkish Nile University - von Kommilitonen auf StudySmarter erstellt!

Q:
Elasticity 
A:
A measure of the extent to which quantity demanded and quantity supplied respond to variations in price 
Q:

equilibrium 


A:

a system is in equilibrium when there is no tendency for it to change

Q:

Market equilibrium

A:

Occurs in a market when all buyers and sellers are satisfied with the respective quantities at the market price.

Q:

average benefit

A:

the total benefit of undertaking n units of an activity divided by n

Q:

efficient point


A:

any combination of goods for which currently available resources do not allow an increase in the production of one good without a reduction in the production of the other

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Q:

substitution effect  

A:

the change in the quantity demanded of a good that results because buyers switch to or from substitutes when the price of the good changes

Q:

average cost

A:

the total cost of undertaking n units of an activity divided by n

Q:

imperfectly competitive firm or price setter

A:

a firm with at least some latitude to set its own price

Q:

unattainable point


A:

any combination of goods that cannot be produced using currently available resources  

Q:

What happens when price elasticity of demand is greater than 1?

A:
Changes in price and changes in total expenditure will always move in opposite directions. 
Q:

another name for imperfectly competitive firm 

A:

price setter 

Q:

monopolistic competition

A:

an industry structure in which a large number of firms produce slightly differentiated products that are reasonably close substitutes for one another. there are no significant barriers preventing firms from entering or leaving the market in monopolistic competition. 

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