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opportunity costs

whatever must be given up to obtain some item

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The goal of each firm is to maximize profit. It chooses to produce the quantity of milk that makes profit as large as possible. How can the firm find its profit-maximizing quantity?

By comparing marginal revenue and marginal cost: As long as marginal revenue exceed marginal cost, increasing the quantity produced raises profit. If marginal revenue is less than marginal cost is should decrease production. If the firm thinks at the margin and makes incremental adjustments to the level of production, it will end up producing the profit-maximizing quantity.

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Two characteristics describe the long-run equilibrium in a monopolistically competitive market

as in a monopoly market, price exceeds marginal cost: This conclusion arises because profit maximization requires marginal revenue to equal marginal cost and because the downward-sloping demand curve makes marginal revenue less than the price
as in a competitive market, price equals average total cost. This conclusion arises because free entry and exit drive economic profit to zero.

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rational people

people who systematically and purposefully do the best they can to achieve their objectives

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market economy

an economy that allocates resources through the decentralized decisions of many firms and household as they interact in markets for goods and services

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property rights

the ability of an individual to own and exercise control over scarce resources

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inflation

an increase in the overall level of prices in the economy

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externality

the impact of one person's actions on the well-being of a bystander (eg pollution)

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Name the two possible causes for market failure!

externality
market power

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market power

the ability of a single person or firm to unduly influence market prices

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productivity

the quantity of goods and services produced from each unit of labor input

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market failure

a situation in which a market left on its own fails to allocate resources efficiently

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Principles of Micronomics at Universität Wien

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Principles of Micronomics at Universität Wien

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